Australia’s mining industry keep showing signs of weakness. BHP Billiton, the world’s 3rd largest mining company, is determined to cut jobs and curtail multiple projects in effort to preserve its highest rating “A”.
Analysts say that the company’s intensions confirm the negative impact of the economic slowdown in China on the Australian economy on the whole and its mining industry in particular.
However, it is too early to name the exact figures. Some people say the company is going to sack some 900 employees. The company is going to abandon its $200bn project in Port Headland, thereby focusing on the existing mining projects.
Forex.
According to , the Australian Dollar is still trying to recover from the recent major downtrend against the US Dollar. The experts report that AUDUSD has formed a FZR of wave level H3, which suggests a mid-term rally.
A further rally (above the 1.0262 high) will probably encounter resistance around 1.0271 as well as the top of the bearish MF sloping channel. The current bullish move will be completed as soon as the price overcomes the bottom of the bullish MF sloping channel and consolidates below 1.0182 (as shown below).
