Billion dollar bet on rate cut pays off

From the man that nearly broke Britain:

It may go down as one of the great currency bets in Australian dollar history  – a $US1 billion gamble on a Reserve Bank  rate cut that has delivered a $US19 million ($18.65m) profit in 36  hours.

The beneficiary, if you believe the rumour mill, is investment legend George  Soros.

Best of all, it appears the 82-year-old American pulled off the deal three  times, all with different foreign exchange brokers in Asia, for a tidy profit of  almost $US60 million. Continue reading