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 3 months

Latest articles

Positive tone across markets

Markets unphased by prospects of tighter US monetary policy; GBP rises strongly on favourable Brexit polling; AUD hit by selling pressure, NZD pulled down too

25th May 16, 8:17am

by Jason Wong

Markets unphased by prospects of tighter US monetary policy; GBP rises strongly on favourable Brexit polling; AUD hit by selling pressure, NZD pulled down too

German bond yields restrain US pricing

Local rates see downward pressure as offshore investors sense the recent short end rises have been overdone. Eyes on NZ Budget

25th May 16, 7:49am

by Jason Wong

Local rates see downward pressure as offshore investors sense the recent short end rises have been overdone. Eyes on NZ Budget

Yen bounces back

Strong trade data pushes Yen higher, Japan's surplus highest in six-years; Yen remains cheapest of all the majors on a real basis; EUR falls on weaker PMI data

24th May 16, 8:11am

by Jason Wong

Strong trade data pushes Yen higher, Japan's surplus highest in six-years; Yen remains cheapest of all the majors on a real basis; EUR falls on weaker PMI data

Conviction for more RBNZ cuts evaporates

Markets no longer price in a full OCR cut. BNZ pushes back its estimate. RBNZ can find many excuses not to cut

24th May 16, 8:02am

by Jason Wong

Markets no longer price in a full OCR cut. BNZ pushes back its estimate. RBNZ can find many excuses not to cut

USD buying interest starting to weaken

US major currency TWI index has risen strongly on better data and possible Fed tightening; G7 leaders fail to agree on how to improve global growth

23rd May 16, 8:02am

by Jason Wong

US major currency TWI index has risen strongly on better data and possible Fed tightening; G7 leaders fail to agree on how to improve global growth

Not pricing in change

Financial markets sceptical that any of the FOMC, the RBNZ or the RBA will alter rates soon, either up or down

23rd May 16, 7:29am

by Jason Wong

Financial markets sceptical that any of the FOMC, the RBNZ or the RBA will alter rates soon, either up or down

Oil price hits six-month high

Crude oil continues to rally, now at $47; Australian inflation expectations lower, triggers AUD selling; no moves from BoE sees GBP rally

13th May 16, 8:19am

by Jason Wong

Crude oil continues to rally, now at $47; Australian inflation expectations lower, triggers AUD selling; no moves from BoE sees GBP rally

Investors go super-long to get yield

Very low returns across the standard term curve sees issuers 'feeding the ducks' at terms up to 50 years

13th May 16, 7:18am

by Jason Wong

Very low returns across the standard term curve sees issuers 'feeding the ducks' at terms up to 50 years

Swaps rise despite benchmark falls

RBNZ sensitivity to house price risks may restrain their OCR cut appetitie, but they will likely cut anyway: BNZ

12th May 16, 8:34am

by Jason Wong

RBNZ sensitivity to house price risks may restrain their OCR cut appetitie, but they will likely cut anyway: BNZ

Unwinding previous positions boosts NZD

Post FSR boost for NZD; poor earnings from US companies dampens risk appetite; weaker USD tone helps lift AUD

12th May 16, 8:17am

by Jason Wong

Post FSR boost for NZD; poor earnings from US companies dampens risk appetite; weaker USD tone helps lift AUD

Finance Minister talks down Kiwi dollar

RBNZ may engage further macro-prudential tools, leaves door open for more rate cuts; USD rises for sixth consecutive day; commodity currencies firm but leave NZD behind

11th May 16, 8:25am

by Jason Wong

RBNZ may engage further macro-prudential tools, leaves door open for more rate cuts; USD rises for sixth consecutive day; commodity currencies firm but leave NZD behind

NZ Govt bonds well supported

Yield chasers drive NZ-US 10yr spreads to only 85 bps, lowest in a decade

10th May 16, 8:27am

by Jason Wong

Yield chasers drive NZ-US 10yr spreads to only 85 bps, lowest in a decade

Recovery in USD continues

Heavy selling of USD in previous months is now being reversed; weaker commodities and Chinese data helping USD

10th May 16, 8:21am

by Jason Wong

Heavy selling of USD in previous months is now being reversed; weaker commodities and Chinese data helping USD

More easing likely for RBA

Significant miss for Q1 CPI drives down RBA's inflation expectation; NZD off 2c against USD, falls in sympathy with AUD; US employment data softer

9th May 16, 8:16am

by Jason Wong

Significant miss for Q1 CPI drives down RBA's inflation expectation; NZD off 2c against USD, falls in sympathy with AUD; US employment data softer

Lower, flatter across the curve

RBA's 'significant downgrade' to its inflation outlook pushed local rates lower, and pressures the RBNZ to cut its policy rate further

9th May 16, 7:35am

by Jason Wong

RBA's 'significant downgrade' to its inflation outlook pushed local rates lower, and pressures the RBNZ to cut its policy rate further

Huge gains in NZD & JPY

NZD/USD peaks near 70c, Yen up 3.1% against USD; lower NZD is desirable to boost tradeables inflation and assist the tradeables; “doing nothing” is equivalent to a de-factor tightening of policy

29th Apr 16, 8:30am

by Jason Wong

NZD/USD peaks near 70c, Yen up 3.1% against USD; lower NZD is desirable to boost tradeables inflation and assist the tradeables; “doing nothing” is equivalent to a de-factor tightening of policy

Markets reassess after RBNZ and FOMC

NZ yield curve flattened considerably with an RBNZ induced up bias at the short end, and a global down bias at the long end

29th Apr 16, 7:25am

by Jason Wong

NZ yield curve flattened considerably with an RBNZ induced up bias at the short end, and a global down bias at the long end

Kiwi drops in sympathy with AUD

Australian CPI sparks currency market volatility, door opended for RBA to cut rates; NZD/AUD blasts through 90c; Fed sees improvement in labour market but little reaction to announcement overall

28th Apr 16, 8:07am

by Jason Wong

Australian CPI sparks currency market volatility, door opended for RBA to cut rates; NZD/AUD blasts through 90c; Fed sees improvement in labour market but little reaction to announcement overall

Weak AU CPI sees forecasts rejigged

Market reaction expected no matter which way the RBNZ goes this morning. Focus then furns to BofJ decisions

28th Apr 16, 7:47am

by Jason Wong

Market reaction expected no matter which way the RBNZ goes this morning. Focus then furns to BofJ decisions

USD remains soft

Rising US inflation expectations not reflected in a stronger USD; Brexit fears overdone, GBP on reverse course; EUR riding on GBP coat tails

27th Apr 16, 8:22am

by Jason Wong

Rising US inflation expectations not reflected in a stronger USD; Brexit fears overdone, GBP on reverse course; EUR riding on GBP coat tails

'Anyone's guess'

Markets unsure of how the RBNZ will approach its OCR decision and whether rate cutting is still the favoured policy response. US Fed and AU CPI also due

27th Apr 16, 7:51am

by Jason Wong

Markets unsure of how the RBNZ will approach its OCR decision and whether rate cutting is still the favoured policy response. US Fed and AU CPI also due

Global manufacturing data undershoots

Run of soft business data dampens sentiment; increased oil production pushes prices lower; GBP breaks higher as Brexit risks diminish

26th Apr 16, 8:18am

by Jason Wong

Run of soft business data dampens sentiment; increased oil production pushes prices lower; GBP breaks higher as Brexit risks diminish

Rates in upward bias

Although many policy makers see further rate cuts as counter-productive, markets expect RBNZ to keep cutting. But few see a cut on Thursday

26th Apr 16, 7:55am

by Jason Wong

Although many policy makers see further rate cuts as counter-productive, markets expect RBNZ to keep cutting. But few see a cut on Thursday

Rising expectations of RBNZ easing

Recent strength of NZD puts pressure back on RBNZ to cut; Citigroup's daily commodity terms of trade index for NZ trending down; Germany criticises ECB saying stimulus doesn't work

22nd Apr 16, 8:14am

by Jason Wong

Recent strength of NZD puts pressure back on RBNZ to cut; Citigroup's daily commodity terms of trade index for NZ trending down; Germany criticises ECB saying stimulus doesn't work

Global forces drive long term rates higher

Yield curve steepens as long rates rise. Markets see low chance of an OCR hike next week. But offshore benchmark rates trending up

22nd Apr 16, 7:53am

by Jason Wong

Yield curve steepens as long rates rise. Markets see low chance of an OCR hike next week. But offshore benchmark rates trending up