Six Minutes To Make Six Million -- RBA Reviews Timing Error
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Sydney--Foreign exchange traders could have earned as much as A$4 million (US$6.5 million) after the Reserve Bank of Australia's bungling on February 2, according to the central bank's internal investigation.
At 9.24 that morning--six minutes earlier than it should have done--the RBA mistakenly sent out an e-mail to 62 people comprising journalists, financial institutions and traders saying it intended to raise interest rates by 50bp. The markets had been anticipating a 25bp hike.
The RBA's
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