Mysterious gambler earns $18.65 million betting on Australian dollar.
Anyone who bought US dollar travel money for their holiday before last Tuesday afternoon will patting themselves on the back. But before you go bragging to your friends about your wise tactical move, consider the 82 year old American, George Soros, accidentally pronounced dead a month earlier, has now allegedly made $18.65 million dollars profit gambling on the Australian dollar to plummet.
George Soros is not new to currency investment and might just be the most famous player in the game. In 1992, Mr Soros famously sorted the British pound, pairing it against the German mark and earned a tidy $US 1.8 billion profit. September 16 1992 is now known as the day George Soros "broke" the bank of England, reports News Limited Network.
On Tuesday 7th May 2013, rumours bagen spreading of a mysterious gambler who was betting on the Reserve Bank of Australia (RBA) to cut interest rates and for the Australian dollar to lower in value in effect. Traders believe an anonymous $1 billion dollars had been placed via Hong Kong and Singapore from a Soros Fund Management. That bet earned the mysterious gambler a margin of nearly 2 cents on every US dollar. All clues are leading traders to believe that gambler was George Soros.
If in fact it was Mr Soros, he would likely be considering May a better month than April, when his obituary was wrongly published by the Reuters news agency.
While many had speculated that the Australian dollar would plummet if the RBA made an interest rate cut on Tuesday, the news of the rate cut itself took many economists by surprise. The HSBC global valuation recently placed the Australian dollar as the most over valued currency in the world and the Organisation for Economic Co-operation and Development's measure for purchasing power parity found the Aussie dollar was overvalued by 60 percent.
Although the Australian dollar is still in a strong position it is believed that Tuesday's rate cut may have been the RBA's first shot in a global currency war of nations attempting to lower the value of their own national currency.
With this news many travellers planning on heading overseas in the upcoming months will likely be looking to purchase their travel money as soon as possible to get the best possible value for their Australian dollar. Travellers can compare pre paid travel debit cards and credit cards to get the best deal on Mozo.
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