Jason Wong
Global rates continue to rise, led by the long end; US 10-year rate trades high; NZ 10-year rate closes at 5.05%, highest level since 2011. Weaker yuan drags down NZD and AUD to fresh lows before Chinese state intervention provides some relief
18th Aug 23, 7:40am
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Global rates continue to rise, led by the long end; US 10-year rate trades high; NZ 10-year rate closes at 5.05%, highest level since 2011. Weaker yuan drags down NZD and AUD to fresh lows before Chinese state intervention provides some relief
Strong US retail sales; strong UK wage inflation; poor China activity data and surprise PBoC rate cut; strong Japan GDP, and another poor GDT dairy auction. NZD resilient under the circumstances
16th Aug 23, 7:56am
Strong US retail sales; strong UK wage inflation; poor China activity data and surprise PBoC rate cut; strong Japan GDP, and another poor GDT dairy auction. NZD resilient under the circumstances
Sentiment on China remains pessimistic. Large shadow bank under the spotlight after missed bond payments. UST 10yr rate hits fresh high for the year. NZGB 10-year yield closed at its highest level since 2011
15th Aug 23, 7:41am
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Sentiment on China remains pessimistic. Large shadow bank under the spotlight after missed bond payments. UST 10yr rate hits fresh high for the year. NZGB 10-year yield closed at its highest level since 2011
Another benign US CPI result, core up 0.16% m/m, adding to the case that the Fed tightening cycle might be done. Tepid 30-year US bond auction drags up long end of the curve
11th Aug 23, 7:48am
Another benign US CPI result, core up 0.16% m/m, adding to the case that the Fed tightening cycle might be done. Tepid 30-year US bond auction drags up long end of the curve
Risk appetite weaker following poor China trade data, Moody's ratings downgrades of US banks and windfall tax on bank profits proposed by Italy. Global rates lower. USD enjoys safe-haven flows
9th Aug 23, 7:53am
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Risk appetite weaker following poor China trade data, Moody's ratings downgrades of US banks and windfall tax on bank profits proposed by Italy. Global rates lower. USD enjoys safe-haven flows
Higher US equities, global rates curves re-steepen, US 10-year rate pushes higher. NZD flat around 0.61; yen the weakest of the majors. US government shutdown chatter restarts
8th Aug 23, 7:49am
Higher US equities, global rates curves re-steepen, US 10-year rate pushes higher. NZD flat around 0.61; yen the weakest of the majors. US government shutdown chatter restarts
Markets took direction from the weaker than expected US payrolls data amid the mixed signals. Their jobless rate dipped to 3.5% and average hourly earnings were stronger than expected. The USD fell sharply as did UST yields
7th Aug 23, 7:15am
Markets took direction from the weaker than expected US payrolls data amid the mixed signals. Their jobless rate dipped to 3.5% and average hourly earnings were stronger than expected. The USD fell sharply as did UST yields
Global bond market selloff continues overnight; US 10-year rate up to almost 4.2%, a fresh high for the year; curve steepens for 8th consecutive day. BoJ steps in again to contain rise in 10-year JGB yield
4th Aug 23, 8:01am
Global bond market selloff continues overnight; US 10-year rate up to almost 4.2%, a fresh high for the year; curve steepens for 8th consecutive day. BoJ steps in again to contain rise in 10-year JGB yield
Another strong US ADP payrolls print. US Treasuries curve steepens (again); 10-year rises to fresh high for the year, peaking at 4.12% overnight. USD well supported in a weaker risk appetite environment
3rd Aug 23, 7:54am
Another strong US ADP payrolls print. US Treasuries curve steepens (again); 10-year rises to fresh high for the year, peaking at 4.12% overnight. USD well supported in a weaker risk appetite environment
US Treasury yields higher, led by the long end of the curve. Sentiment on increased supply and BoJ's move last week probably not helping. GDT dairy auction poor
2nd Aug 23, 8:04am
US Treasury yields higher, led by the long end of the curve. Sentiment on increased supply and BoJ's move last week probably not helping. GDT dairy auction poor
Chinese equities advanced with officials announcing more measures to support the construction sector and boost consumption. The Bank of Japan announced an unscheduled bond purchase operation to slow the move higher in JGB yields
1st Aug 23, 7:55am
Chinese equities advanced with officials announcing more measures to support the construction sector and boost consumption. The Bank of Japan announced an unscheduled bond purchase operation to slow the move higher in JGB yields
Growing hopes that the US economy can achieve a soft landing where the US Federal Reserve gets inflation under control without triggering a recession. US data showed a cooling in inflation pressures
31st Jul 23, 7:41am
Growing hopes that the US economy can achieve a soft landing where the US Federal Reserve gets inflation under control without triggering a recession. US data showed a cooling in inflation pressures
Run of stronger than expected US economic activity data continues. ECB hikes, keeps options open for more. Reports BoJ will tweak of its yield curve control policy
28th Jul 23, 7:52am
Run of stronger than expected US economic activity data continues. ECB hikes, keeps options open for more. Reports BoJ will tweak of its yield curve control policy
Fed hikes 25bps, the same as the NZ OCR. Fed keeps options open, maintains slight tightening bias. US rates and USD down modestly after Fed Chair spoke
27th Jul 23, 7:41am
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Fed hikes 25bps, the same as the NZ OCR. Fed keeps options open, maintains slight tightening bias. US rates and USD down modestly after Fed Chair spoke
Improved sentiment on China supports risk assets. EUR weaker on soft ECB bank lending survey. US equities continue to rally. Consumer confidence up to 2-year high; Treasury yields push higher ahead of Fed meeting early tomorrow
26th Jul 23, 7:43am
Improved sentiment on China supports risk assets. EUR weaker on soft ECB bank lending survey. US equities continue to rally. Consumer confidence up to 2-year high; Treasury yields push higher ahead of Fed meeting early tomorrow
NZD and AUD dragged higher by PBoC moves, but broad USD strength overnight then pulls them back down
US Treasury yields higher as labour market data remain remain too strong for comfort. Global forces and post-CPI afterglow drive NZ rates higher. Strong Australian employment report keeps prospect of further RBA tightening alive
21st Jul 23, 7:53am
US Treasury yields higher as labour market data remain remain too strong for comfort. Global forces and post-CPI afterglow drive NZ rates higher. Strong Australian employment report keeps prospect of further RBA tightening alive
Lower European rates support US Treasuries. US retail sales report mixed. ECB's usually hawkish Knot hoses down rate hike expectations beyond next week's meeting. German rates fall 10-13bps
19th Jul 23, 7:49am
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Lower European rates support US Treasuries. US retail sales report mixed. ECB's usually hawkish Knot hoses down rate hike expectations beyond next week's meeting. German rates fall 10-13bps
Weaker than expected China activity data drive weaker yuan, spilling over into weaker NZD and AUD. Global rates push lower, NZ rates play catch-up
18th Jul 23, 7:42am
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Weaker than expected China activity data drive weaker yuan, spilling over into weaker NZD and AUD. Global rates push lower, NZ rates play catch-up
Very strong US ADP payrolls and stronger ISM services report keep alive the probability of further Fed hikes; bond market selloff extends. NZ rates up to fresh multi-year highs as well, with more upside pressure likely today
7th Jul 23, 7:49am
Very strong US ADP payrolls and stronger ISM services report keep alive the probability of further Fed hikes; bond market selloff extends. NZ rates up to fresh multi-year highs as well, with more upside pressure likely today
US Treasuries curve steepens, led by the long end; US 10-year rate up 8bps to a fresh three-month high. NZ rates higher as investors make way for new bond supply; demand solid for syndicated tap of 2033s, despite deteriorating fiscal accounts
6th Jul 23, 7:52am
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US Treasuries curve steepens, led by the long end; US 10-year rate up 8bps to a fresh three-month high. NZ rates higher as investors make way for new bond supply; demand solid for syndicated tap of 2033s, despite deteriorating fiscal accounts
NZD/AUD pushes higher as RBA opts for a pause in the tightening cycle. Market ignored NZ QSBO which was a very monetary policy-friendly report, with significant easing in capacity pressures
5th Jul 23, 7:50am
NZD/AUD pushes higher as RBA opts for a pause in the tightening cycle. Market ignored NZ QSBO which was a very monetary policy-friendly report, with significant easing in capacity pressures
US ISM manufacturing survey soft, consistent with recession in the sector. But US equities and US Treasury yields push higher in a holiday-shortened session. NZ QSBO today and a finely balanced RBA policy decision
4th Jul 23, 7:59am
US ISM manufacturing survey soft, consistent with recession in the sector. But US equities and US Treasury yields push higher in a holiday-shortened session. NZ QSBO today and a finely balanced RBA policy decision
PBoC and BoJ step up verbal intervention to control their depreciating currencies. Softer US consumer spending and PCE deflators support US Treasuries and US equities but drive the USD lower
3rd Jul 23, 7:43am
PBoC and BoJ step up verbal intervention to control their depreciating currencies. Softer US consumer spending and PCE deflators support US Treasuries and US equities but drive the USD lower
US initial jobless claims fall, Q1 GDP revised up, so run of positive US economic surprises continues. US rates much higher across the board. Projected Fed hikes seen more likely. US equities unperturbed. NZ business confidence improves further
30th Jun 23, 8:20am
US initial jobless claims fall, Q1 GDP revised up, so run of positive US economic surprises continues. US rates much higher across the board. Projected Fed hikes seen more likely. US equities unperturbed. NZ business confidence improves further
Fed, ECB, BoE heads reiterate hawkish views. BoJ reiterates dovish stance. US Treasury yields down 4-5bps regardless. NZ swap rates dragged down by Australian rates
29th Jun 23, 8:09am
Fed, ECB, BoE heads reiterate hawkish views. BoJ reiterates dovish stance. US Treasury yields down 4-5bps regardless. NZ swap rates dragged down by Australian rates