The headline tax rate has been cut from 40% to 30% and both parties seem agreeable to the new proposal. The AUD/USD has been up and down in an .8445/75 range for the last few minutes as traders try to decide which way to go.
My view is that the Chinese slowdown and the fall in commodity prices is going to weigh heavily on the AUD in coming weeks and months. I still am of the opinion that playing this AUD short against either the JPY or the EUR is the way to go because if the market turns against the USD then we could see some nasty moves.
