Australian King-makers tending towards backing mining tax
Three out four of the independent MPs who will decide the next Australian government are being quoted over Reuters as saying they support the new mining tax.
If you subscribe to the theory that an abolition of the mining tax is positive for the AUD, then this news would be generally perceived as being AUD bearish. The AUD/USD is unchanged at .8855.

AUTOREFRESH 













Bob Brown was always going to escalate this tax … bugga bugga bugga … now the balance of the circus is to be involved. I’ quietly suspicious that Gillard wouldn’t vehemently oppose revisiting the ‘negotiations’ … the residual question is to what extent the international market has priced in our political ineptness… I’m obvioulsy hoping that the market has (a) already taken this prospect into account and (b) over reacted… o dear!
Perhaps during Europe and US session, Sean.