Investing.com – The Australian dollar trimmed gains against its U.S. counterpart on Wednesday, after Australian Prime Minister Julia Gillard said she would not alter the controversial proposed mining tax.
AUD/USD retreated from 1.0015, the daily high, to hit 0.9978 during late Asian trade, gaining 0.14%.
The pair was likely to find support at 0.9942, Tuesday’s low and a two-week low and resistance at 1.0057, Tuesday’s high.
Ms Gillard said she would not make any changes to the mining tax, despite Treasury figures showing the modified version would collect AUD60 billion less than originally anticipated.
Australia’s government was forced to revise it’s proposed “resource super-profits tax” last year, following heavy lobbying by the industry.
The Government said it has always been upfront that its revised mining tax will generate significantly less revenue than the original proposed tax.
Meanwhile, the Aussie was down against the euro, with EUR/AUD rose 0.26% to hit 1.3572.
Later in the day, the U.S. was to publish official data on producer price inflation, as well as reports on building permits, housing starts and industrial production.
In addition, the Federal Reserve was to publish the minutes of its most recent monetary policy committee meeting.
AUD/USD retreated from 1.0015, the daily high, to hit 0.9978 during late Asian trade, gaining 0.14%.
The pair was likely to find support at 0.9942, Tuesday’s low and a two-week low and resistance at 1.0057, Tuesday’s high.
Ms Gillard said she would not make any changes to the mining tax, despite Treasury figures showing the modified version would collect AUD60 billion less than originally anticipated.
Australia’s government was forced to revise it’s proposed “resource super-profits tax” last year, following heavy lobbying by the industry.
The Government said it has always been upfront that its revised mining tax will generate significantly less revenue than the original proposed tax.
Meanwhile, the Aussie was down against the euro, with EUR/AUD rose 0.26% to hit 1.3572.
Later in the day, the U.S. was to publish official data on producer price inflation, as well as reports on building permits, housing starts and industrial production.
In addition, the Federal Reserve was to publish the minutes of its most recent monetary policy committee meeting.