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Probe of Aussie Moves Before RBA Finds No Sign of Misconduct

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Australia’s securities regulator said it found no evidence of misconduct as it investigates movements in the local dollar prior to recent Reserve Bank decisions.

Preliminary findings showed the Aussie moved as a result of “normal market operations in an environment of lower liquidity immediately ahead of the RBA announcement,” the Australian Securities and Investments Commission said in a statement. “Much of the trading reviewed to date was linked to position unwinds by automated trading accounts linked to risk management logic and not misconduct.”