Forex News Australian credit markets now pricing in 10 bps of rate cuts over next 12 months from 12 bps late yesterday, Credit Suisse data show. Rapid repricing of rate expectations from at least 2 RBA hikes priced in last month follows dovish statement at RBA's July 1 meeting and chief Stevens' speech yesterday affirming rates on hold. Pricing in of cuts may be overdone at this stage given RBA has not given any firm indication of shift to easing bias from implicitly neutral bias.
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