Flash: Market over-reacting post RBA - NAB

FXstreet.com (Barcelona) - Following the RBA statement, in which rates were held stable at 2.5%, according to Matthew Johnson, Interest Rate Strategist at UBS, "the market took it as a hawkish development."

"I think the RBA is keeping its options open and the market is over-reacting. I still think the RBA is on hold for the rest of the year. Further rate cuts will depend on the end of the mining boom. I expect one, perhaps two rate cuts next year."