The Australian dollar has been quietly strengthening against most of its rivals. The market is caught up in the Jackson Hole trade today but over the past six weeks only the US dollar has performed better than the aussie.
While most of the developed world continues to struggle to attract investment, the bust in Australian spending already appears to be ending and projects are back on the upswing. BP today announced it will spend A$10 billion over the next 10 years on fuel stations and exploration.
If deep water driller prove valuable, the mining boom of the late 00’s could turn into the oil boom of the 10’s.
“We have ambitions to further grow our upstream presence,” Holmes said in a speech at the event. “We believe the Great Australian Bight can prove to be a new hydrocarbon basin. BP is also heavily invested in the development of the Browse gas resource.”
