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Jason Wong

About

Jason Wong is BNZ’s currency strategist, producing analysis that informs the NZD view. He is also a part of National Australia Bank’s (NAB) Global FX Strategy team, which covers currency markets more broadly, with a focus on the G10 currencies.

Member for

8 years 2 months

Latest articles

NZ dollar up
NZ dollar and Aussie dollar rise and sustain the move overnight
Risk appetite higher with US equities rebounding. Commodity currencies outperform. NZD consolidating above the 0.59 mark and flat to higher on the key major cross rates
23rd Apr 24, 7:47am
by Jason Wong
Risk appetite higher with US equities rebounding. Commodity currencies outperform. NZD consolidating above the 0.59 mark and flat to higher on the key major cross rates
NYSE trading floor
USD broadly stronger, with the NZD nudging lower
US equities down modestly; US Treasury yields have pushed higher, with a stronger Philly Fed survey and hawkish Fed-speak not helping
19th Apr 24, 7:31am
by Jason Wong
US equities down modestly; US Treasury yields have pushed higher, with a stronger Philly Fed survey and hawkish Fed-speak not helping
bull vs bear
USD broadly weaker overnight
Modest risk-off tone in the air; US equities weaker, US Treasury yields lower, credit spreads wider and oil prices weaker. NZD and AUD the best performers. Rates rise post-CPI
18th Apr 24, 7:50am
by Jason Wong
1
Modest risk-off tone in the air; US equities weaker, US Treasury yields lower, credit spreads wider and oil prices weaker. NZD and AUD the best performers. Rates rise post-CPI
NZD down
USD well supported, with the yen, NZD and AUD notable underperformers
Markets continue to trade with a cautious tone, with Israel vowing to retaliate against Iran’s weekend attack. US equities down about 1%; oil prices barely lower. US Treasury yields reach fresh 2024 highs
16th Apr 24, 7:51am
by Jason Wong
Markets continue to trade with a cautious tone, with Israel vowing to retaliate against Iran’s weekend attack. US equities down about 1%; oil prices barely lower. US Treasury yields reach fresh 2024 highs
NYSE trading floor
Markets settle after the shock from the hot US CPI
US equities bounce back. US Treasury yields show only small movements, with a modestly steeper curve. Little impact from the ECB's in-line policy update
12th Apr 24, 7:50am
by Jason Wong
US equities bounce back. US Treasury yields show only small movements, with a modestly steeper curve. Little impact from the ECB's in-line policy update
NZD USD balance
NZD and AUD stay firm as global commodity prices push higher
US Treasury yields shift back from 2024 highs ahead of key US CPI report. Local QSBO revealed weak conditions consistent with recession. Focus now on RBNZ
10th Apr 24, 7:53am
by Jason Wong
US Treasury yields shift back from 2024 highs ahead of key US CPI report. Local QSBO revealed weak conditions consistent with recession. Focus now on RBNZ
Pully interest rates up
Higher commodity prices support the AUD & NZD
US rates push up to fresh year-to-date highs as investors continue to push out the timing and scope of US Fed rate cuts this year. NZ rates follow up, with swap rate rises boosted
9th Apr 24, 7:29am
by Jason Wong
US rates push up to fresh year-to-date highs as investors continue to push out the timing and scope of US Fed rate cuts this year. NZ rates follow up, with swap rate rises boosted
NYSE trading floor
USD weaker, with the NZD and AUD outperforming on rising commodity prices
Risk appetite higher ahead of the key US employment report tonight; S&P500 up while Treasury yields show little net movement. AUD rises so that NZD/AUD fell to a 9-month low overnight
5th Apr 24, 7:46am
by Jason Wong
Risk appetite higher ahead of the key US employment report tonight; S&P500 up while Treasury yields show little net movement. AUD rises so that NZD/AUD fell to a 9-month low overnight
rates up
USD broadly weaker and the NZD is up slightly
Global rates higher; US 10-year Treasury yield reaches fresh high for the year not helped by oil prices rising to fresh year-to-date highs. Equity investors show further signs of fatigue. Currency moves modest
3rd Apr 24, 7:41am
by Jason Wong
Global rates higher; US 10-year Treasury yield reaches fresh high for the year not helped by oil prices rising to fresh year-to-date highs. Equity investors show further signs of fatigue. Currency moves modest
NZD holds its levels
Local interest rates shift up ahead of a new 2035 NZGB to be offered by syndication. US data mixed with labour market expectations tightening
27th Mar 24, 7:56am
by Jason Wong
Local interest rates shift up ahead of a new 2035 NZGB to be offered by syndication. US data mixed with labour market expectations tightening
interest-ratesrf4.jpg
Global rates push higher to start the week
PBoC and China state banks show support for the yuan, helping the NZD regain 0.60; NZD/AUD nudges down to a fresh four-month low near 0.9180. Market ignores Japan's top currency official's threat of intervention to support JPY
26th Mar 24, 7:45am
by Jason Wong
PBoC and China state banks show support for the yuan, helping the NZD regain 0.60; NZD/AUD nudges down to a fresh four-month low near 0.9180. Market ignores Japan's top currency official's threat of intervention to support JPY
NYSE trading floor
Weak NZ GDP and strong Australian employment has driven NZD/AUD lower
Global equity markets rise to fresh record highs across the US, Europe and Japan. USD weakness after the Fed’s policy update yesterday has completely reversed. A surprise rate cut by the Swiss got the market’s attention but spillover limited
22nd Mar 24, 7:52am
by Jason Wong
Global equity markets rise to fresh record highs across the US, Europe and Japan. USD weakness after the Fed’s policy update yesterday has completely reversed. A surprise rate cut by the Swiss got the market’s attention but spillover limited
Chart
NZD drops to 2024 low, then recovers
Market reaction to the Fed’s latest policy update has been well contained, with relief that the Fed still projects three rate cuts this year. The US Treasuries curve is steeper on the day, driven by lower rates at the short end
21st Mar 24, 7:57am
by Jason Wong
Market reaction to the Fed’s latest policy update has been well contained, with relief that the Fed still projects three rate cuts this year. The US Treasuries curve is steeper on the day, driven by lower rates at the short end
Nihon
Breakfast briefing: Eyes on Japanese, Australian central banks
Bank of Japan the headline act, with the Reserve Bank of Australia the support act
19th Mar 24, 7:23am
by Jason Wong
46
Bank of Japan the headline act, with the Reserve Bank of Australia the support act
NYSE trading floor
USD broadly weaker again; JPY outperforms, NZD lifts
US PPI inflation comes in hot; US retail sales weaker than expected, consistent with a shift down in consumer spending. US Fed rate cut expectations pushed back. Oil prices at new four-month high as IEA now looking for a supply deficit through the year
15th Mar 24, 7:48am
by Jason Wong
US PPI inflation comes in hot; US retail sales weaker than expected, consistent with a shift down in consumer spending. US Fed rate cut expectations pushed back. Oil prices at new four-month high as IEA now looking for a supply deficit through the year
NZD down
NZD down against the greenback and slightly weaker on most crosses
US CPI data a touch higher than expected, providing no fuel for those looking for an imminent Fed rate cut. US Treasury yields up 5-6bps across the curve; USD modestly higher. BoJ speculation on imminent rate hike continues
13th Mar 24, 7:47am
by Jason Wong
US CPI data a touch higher than expected, providing no fuel for those looking for an imminent Fed rate cut. US Treasury yields up 5-6bps across the curve; USD modestly higher. BoJ speculation on imminent rate hike continues
ust yield rise
Falling iron ore prices continue to hold back the AUD
US Treasury yields push higher, with supply factors weighing on the market and caution ahead of tonight's key US CPI report. Currency markets well contained but yen continues to outperform on speculation of a hawkish BoJ pivot as soon as next week
12th Mar 24, 7:39am
by Jason Wong
US Treasury yields push higher, with supply factors weighing on the market and caution ahead of tonight's key US CPI report. Currency markets well contained but yen continues to outperform on speculation of a hawkish BoJ pivot as soon as next week
NYSE trading floor
USD broadly weaker again; JPY outperforms, NZD lifts
Powell: Fed "not far" from having the confidence to cut rates. ECB on hold, with a June rate cut signal. Wage data and commentary raise chance of BoJ ending negative policy rate stance as soon as March. US and European equities up 1% to fresh record highs
8th Mar 24, 7:49am
by Jason Wong
Powell: Fed "not far" from having the confidence to cut rates. ECB on hold, with a June rate cut signal. Wage data and commentary raise chance of BoJ ending negative policy rate stance as soon as March. US and European equities up 1% to fresh record highs
kk
NZD and AUD outperform; NZD currently higher on most key crosses
Fed Chair Powell faces lawmakers; reiterates that easier policy is likely at some point this year. US ADP employment and JOLTS data in line. US Treasury yields down. USD broadly weaker with DXY index down to it lowest in over a month
7th Mar 24, 7:47am
by Jason Wong
Fed Chair Powell faces lawmakers; reiterates that easier policy is likely at some point this year. US ADP employment and JOLTS data in line. US Treasury yields down. USD broadly weaker with DXY index down to it lowest in over a month
NZD down
No support for commodities currencies
US data print weaker again; ISM services index lower alongside more market-friendly inflation measures. Weaker equities backdrop supports US Treasuries; yields down 4-6bps for the day. China's 5% GDP growth target seen as optimistic
6th Mar 24, 7:45am
by Jason Wong
US data print weaker again; ISM services index lower alongside more market-friendly inflation measures. Weaker equities backdrop supports US Treasuries; yields down 4-6bps for the day. China's 5% GDP growth target seen as optimistic
downbeat attitudes
Earnings season highlights economic challenges
The latest company earnings season reporting shows overwhelmingly negative comments, consistent with economic recessionary conditions. Companies exposed to the domestic consumer, construction sector and primary sectors the worst hit
4th Mar 24, 11:37am
by Jason Wong
9
The latest company earnings season reporting shows overwhelmingly negative comments, consistent with economic recessionary conditions. Companies exposed to the domestic consumer, construction sector and primary sectors the worst hit
NYSE trading floor
NZD little changed over 24 hours, NZD/JPY weaker
Market relieved that US PCE deflators were bang in line with expectations; US 10-year rate well down from its overnight high. BoJ board member sows the seed for exit strategy from current ultra-easy policy stance, supporting JPY
1st Mar 24, 7:59am
by Jason Wong
Market relieved that US PCE deflators were bang in line with expectations; US 10-year rate well down from its overnight high. BoJ board member sows the seed for exit strategy from current ultra-easy policy stance, supporting JPY
NZD steady, tight trading ranges for US Treasuries and USD
Market ignores chunky downside misses to US consumer confidence and durable goods orders data. Pricing of rate hike chance fades leading into RBNZ MPS today, now just priced at a 20% chance; strong analyst consensus for no-change
28th Feb 24, 7:43am
by Jason Wong
1
Market ignores chunky downside misses to US consumer confidence and durable goods orders data. Pricing of rate hike chance fades leading into RBNZ MPS today, now just priced at a 20% chance; strong analyst consensus for no-change
Gold kiwi on NZD banknotes
NZD broadly weaker from last week's close
Global rates push higher, driven by Europe and heavy US bond supply; US 10-year rate up 6bps from NZ close. Long NZD positions pared ahead of RBNZ MPS; market pricing for near-term rate hikes eased back a little
27th Feb 24, 7:36am
by Jason Wong
Global rates push higher, driven by Europe and heavy US bond supply; US 10-year rate up 6bps from NZ close. Long NZD positions pared ahead of RBNZ MPS; market pricing for near-term rate hikes eased back a little
NYSE trading floor
NZD rises against the USD, AUD and JPY
Record breaking equity markets across Japan, euro area and US; Nvidia's blockbuster earnings report propels the stock higher and drives S&P500 up 2%. Market continues to pare back expectations of Fed easing
23rd Feb 24, 7:41am
by Jason Wong
2
Record breaking equity markets across Japan, euro area and US; Nvidia's blockbuster earnings report propels the stock higher and drives S&P500 up 2%. Market continues to pare back expectations of Fed easing
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