The Australian dollar traded between 1.143 and 1.187 to the US Dollar during the 28th June 2010 and 2nd July 2010 period. The Australian dollar traded between 1.723 and 1.795 to the British Pound in the same time period.
The Australian dollar closed one US cent higher on Friday morning boosted by positive investor sentiment after the Federal Government’s tax compromise within the mining industry.
The Australian dollar was boosted early in the trading day on Friday by news that the federal government had reached a compromise with the mining sector over the terms of its proposed resource rent tax.
The changes announced had a positive effect on the Australian dollar as it was hovering around the 1.78 -1.79 mark against the British Pound. Prime Minister, Julia Gillard announced Friday morning that government would scrap its 40 per cent resources super profits tax, for a minerals resource rent tax at a rate of 30 per cent. The key element of the changes is the way the tax impacts on the existing and very profitable coal and iron ore mines.
Shaw Stockbroking senior dealer, Jamie Spiteri said that support for the resources stocks after the mining announcement diminished throughout the day, ending quite flat.
He also mentioned that despite the fact that it does give a little bit more clarity on the impact of the mining tax across the resources sector, it highlights the fact that political intervention is a very significant component of the Australian economy.
AUS/GBP 0.5565
AUS/USD 0.8446
AUS/EUR 0.6736
AUS/JPY 74.29
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