the Black Wednesday: Have a look at how the British Pound is doing against the US dollar today. He forecasted the upcoming trend and the Soros Fund Management allocated 10 of its 24 billion to USD/JPY in mid-November 2012. We very simply used the forward market you borrow sterling and you sell the sterling that youve borrowed. The policies of the ERM demanded that the countries with the strongest currencies rouble forex card have to sell their currencies and buy the weakest to help maintain the equilibrium.
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And then you buy back the sterling when the loan expires. Baht falls from 1 USD for 25 baht to 56 baht Soros gains more than 790 million! They waited until the financial situation got as bad as it could naturally get, and then created extra pressure on the pound by selling it in huge amounts. Soros earns 790 million, crashes the Thai baht and triggers the Asian crisis. In the late afternoon of September 16, as the traders understood that the Bank of England had insufficient amounts of foreign currencies to buy in all the pounds that were sold, they pushed even more which resulted in a collapse. Maybe you can spot a nice trend and make a profitable trade! All of Britains efforts to pump in money and increase the already high interest rates proved futile. This is how it happened:. Big trades in foreign exchange normally remain unknown because the market is too big to spot individual traders. The second most notorious trade of Soros came in 1997 when he saw a possibility that the Thai baht could go down. Since then, they have gained.2.4 billion (according to sources close to the Fund) in this deal and the yen is still going down.