Spreadex client wins £100,000 on interest rate prediction

Thursday’s big Bank of England interest rate cut took many people by surprise – but not one speculator, who won more than £100,000 by accurately predicting the move in a spread bet.

The Hertfordshire resident opened seven separate trades with spread betting company Spreadex Limited on the firm’s Short Sterling Futures quotes.

The individual gambled on there being a drop below the expected 0.5% or 1% level. And when the announcement came in at midday of a 1.5% cut taking levels down to 3%, the client closed out his positions to make a profit of £102,480.

Spreadex Limited spokesman Andy MacKenzie said: ‘Many people believe financial spread betting is limited to trading on indices, shares, commodities or currencies.

‘But there are different ways speculators can use their economic expertise to try and make money through spread betting and this customer’s shrewd execution of our Short Sterling prices was a perfect example of that.’

Tags: spreadex

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