The tweet that caused a big panic
tweet ap

On tuesday one tweet caused more panic than you would of thought was possible. The Associated Press' Twitter account tweeted that two explosions had occurred at the White House and that President Obama had been injured. It turned at that this was the work of a hacker who is still unknown, and of course the news in the tweet was completely fake. Twitter suspended the AP Twitter account quickly to try and stop any further damage. The White House were unimpressed according to reports, and an AP reporter apologised for the Twitter hacking at the daily White House press briefing, saying that the tweet had been deleted as soon as it was discovered. Jay Carney, Obama's personal spokesman quickly got the word out that he was just with the president and that he was fine.

Not only did this start a mass worry on Twitter, it sent the US stock market into a free-fall and caused traders to dump their stock and start buying yen, the S&P 500 fell by 15 points and yen crosses dropped 50-100 pips. Thankfully the US market recovered within a few minutes of the confusion, but the incident did leave traders in a tizzy. Also shortly after the tweet the New Zealand dollar jumped a half a cent.

In Australia the first quarter CPI numbers will be released at 0130 GMT, with the general agreement that y/y inflation at 2.8% and the trimmed mean will come at 2.4%. While the Australian inflation has been trending higher since the middle of 2012, real-time pricing suggests pressures have now eased. An AUD reaction higher may be a chance to sell because mining companies have been cutting back and wage pressures are dwindling.

Of course the tweet also raised questions about Twitter's security procedures, with a lot of people calling for 2-step verification, which Twitter is currently working on. This would make it much more difficult for a hacker to gain access to a Twitter account, even with passwords. Back in February Twitter reset passwords on around 250,000 accounts after hackers broke into its systems and were suspected of accessing user data.

Some of the information was from Ashraf Laidi of City index