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[SYDNEY] Australia's securities regulator said on Monday it could not find any signs of market misconduct in trading of the local dollar moments ahead of recent central bank interest rate decisions.
Last month the Australian dollar spiked up in the minute prior to the announcement of a rate decision, when the Reserve Bank of Australia surprised some by not cutting the cash rate.
The moves have been described as suspicious and led to suspicion of possible manipulative trading. "Preliminary findings reveal moves in the Australian Dollar ahead of the announcement to be as a result of normal market operations in an environment of lower liquidity immediately ahead of the RBA announcement," the Australian Securities & Investment Commission (ASIC) said in a statement. "The reduction in liquidity providers is a usual occurrence prior to announcement in all markets. Much of the trading reviewed to date was linked to position unwinds by automated trading accounts linked to risk management logic and not misconduct."