Hockey backs investigation into trades

ASIC is investigating sharp movements in the dollar and share market just seconds before the RBA's interest rate announcement.

Federal Treasurer Joe Hockey

Treasurer Joe Hockey (pic) is concerned about the "extraordinary" trade in the Australian dollar. (AAP)

Treasurer Joe Hockey is concerned about the "extraordinary" trade in the Australian dollar and share market just before the Reserve Bank's interest rate announcement.

The Australian Securities and Investments Commission is investigating after the Australian dollar strengthened and the share market began to drop at 1429 AEDT on Tuesday, seconds before the RBA's 1430 AEDT announcement.

Mr Hockey said he had spoken with Reserve Bank Governor Glenn Stevens on Wednesday morning.

"I was, like he was, concerned about reports that there have been extraordinary trades before the release of the Reserve Bank decision yesterday," the treasurer told reporters in Canberra.

"I'm satisfied that that investigation will be properly undertaken."


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Source: AAP


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