Jason Wong
Oil down 3% as traders lose conviction that production cuts will reduce inventory, CAD and AUD down about 0.4%; NZD trading at 0.71 USD mark, on track to be the best performing currency for the month
1st Jun 17, 8:33am
Oil down 3% as traders lose conviction that production cuts will reduce inventory, CAD and AUD down about 0.4%; NZD trading at 0.71 USD mark, on track to be the best performing currency for the month
CFTC data shows the largest net long positioning in US10s futures in nearly 10 years, but perhaps there is upside as softness already priced
31st May 17, 8:08am
CFTC data shows the largest net long positioning in US10s futures in nearly 10 years, but perhaps there is upside as softness already priced
USD on a modest downward trend since last evening, TWI down 0.2%; despite weak inflation data, the market is still pricing in an 84% chance of a Fed rate hike next month; German inflation slowed more than expected
31st May 17, 7:58am
USD on a modest downward trend since last evening, TWI down 0.2%; despite weak inflation data, the market is still pricing in an 84% chance of a Fed rate hike next month; German inflation slowed more than expected
NZD is hovering around 0.7060 USD after meeting some resistance near 0.7090 last night; local rates market saw modest upward pressure, reversing some of Friday’s move
30th May 17, 8:09am
NZD is hovering around 0.7060 USD after meeting some resistance near 0.7090 last night; local rates market saw modest upward pressure, reversing some of Friday’s move
NZD gained 0.5% on Friday to be trading at 0.7060 USD, up around 2% for the week; slump in GBP as polls show the Conservative party losing support and consumer confidence declining; WTI Crude Oil recovered 1.8% after a 4.8% plunge
29th May 17, 8:18am
NZD gained 0.5% on Friday to be trading at 0.7060 USD, up around 2% for the week; slump in GBP as polls show the Conservative party losing support and consumer confidence declining; WTI Crude Oil recovered 1.8% after a 4.8% plunge
Markets happy with current rate settings. Washington politics gets more volatile. Holiday weekend in some major economies
29th May 17, 7:51am
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Markets happy with current rate settings. Washington politics gets more volatile. Holiday weekend in some major economies
NZGB bond markets will get new issuance to maintain a sustainable market, not because the Government needs the funding. NZGB 10yr yield near its 2017 low
26th May 17, 8:17am
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NZGB bond markets will get new issuance to maintain a sustainable market, not because the Government needs the funding. NZGB 10yr yield near its 2017 low
Commodity currencies lower as oil drops almost 5% on smaller than expected production cuts; NZ budget has little impact on markets; USD recovers some ground, lost due to slightly dovish FOMC minutes released yesterday
26th May 17, 8:12am
Commodity currencies lower as oil drops almost 5% on smaller than expected production cuts; NZ budget has little impact on markets; USD recovers some ground, lost due to slightly dovish FOMC minutes released yesterday
NZD trended 1% higher overnight, meeting some resistance just under the 0.70 USD mark; USD remains out of favour; NZ 2 yr swap at 2.25%, 10 yr at 3.26%, steepening bias expected
23rd May 17, 8:01am
NZD trended 1% higher overnight, meeting some resistance just under the 0.70 USD mark; USD remains out of favour; NZ 2 yr swap at 2.25%, 10 yr at 3.26%, steepening bias expected
UST and local rates traded in a tight range with little movement in the yield curve; USD was under pressure on Friday, USD majors index down 0.7%; NZD up to 0.6925 on USD weakness
22nd May 17, 8:44am
UST and local rates traded in a tight range with little movement in the yield curve; USD was under pressure on Friday, USD majors index down 0.7%; NZD up to 0.6925 on USD weakness
Pricing for Fed hikes nudge up. Long end declines flatten yield curves. NZ 10yr at fresh low for year. US politics garner more attention than deserved
19th May 17, 8:20am
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Pricing for Fed hikes nudge up. Long end declines flatten yield curves. NZ 10yr at fresh low for year. US politics garner more attention than deserved
USD recovered after being supported by strong data; NZDUSD below the 0.6900 level as USD strengthened and NZDAUD is also lower, now trading at the 0.9300 mark; Brazilian real down 6% on the President's corruption allegations
19th May 17, 7:57am
USD recovered after being supported by strong data; NZDUSD below the 0.6900 level as USD strengthened and NZDAUD is also lower, now trading at the 0.9300 mark; Brazilian real down 6% on the President's corruption allegations
NZD up 0.8% against the USD as the risk off mood sees the USD index 0.6% lower; UST yields down 6 bps and 11 bps for the 2 yr and 10 yr rates respectively; local yields were down across the curve yesterday and further downward pressure is expected today
18th May 17, 8:15am
NZD up 0.8% against the USD as the risk off mood sees the USD index 0.6% lower; UST yields down 6 bps and 11 bps for the 2 yr and 10 yr rates respectively; local yields were down across the curve yesterday and further downward pressure is expected today
Under-shooting US data weighs on greenback even as markets still expect Fed rate hike. RBNZ's 'purposeful easing' still being absorbed by traders
15th May 17, 8:11am
Under-shooting US data weighs on greenback even as markets still expect Fed rate hike. RBNZ's 'purposeful easing' still being absorbed by traders
While markets don't buy RBNZ projections, they do accept that rate changes won't happen til inflation well over 2%. NZD's fall only takes it back to last week's level
12th May 17, 8:16am
While markets don't buy RBNZ projections, they do accept that rate changes won't happen til inflation well over 2%. NZD's fall only takes it back to last week's level
NOK, NZD, CAD and AUD are all up between 0.3-0.7% of the USD as oil prices rebound 3.5%; Trump's surprise sacking of FBI director Comey has little impact on the market; EUR loses afterglow from French election result
11th May 17, 8:05am
NOK, NZD, CAD and AUD are all up between 0.3-0.7% of the USD as oil prices rebound 3.5%; Trump's surprise sacking of FBI director Comey has little impact on the market; EUR loses afterglow from French election result
Markets likely to discount the expected RBNZ dovish views, as global markets settle into a period with few surprises
11th May 17, 8:03am
Markets likely to discount the expected RBNZ dovish views, as global markets settle into a period with few surprises
USD continues to rise as Fed speakers state that economic outlook unchanged despite recent data; AUDUSD probed fresh lows since January, down 0.7%, and has found support at 0.7340; NZD now below 0.6900 USD and just under 0.9400 AUD
10th May 17, 8:01am
USD continues to rise as Fed speakers state that economic outlook unchanged despite recent data; AUDUSD probed fresh lows since January, down 0.7%, and has found support at 0.7340; NZD now below 0.6900 USD and just under 0.9400 AUD
Local rates rise in tandem with global yields, led by UK gilts. Markets pricing in official rate hikes in the US and NZ, although timelines are still long
10th May 17, 7:47am
Local rates rise in tandem with global yields, led by UK gilts. Markets pricing in official rate hikes in the US and NZ, although timelines are still long
Increased risk appetite has seen higher global bond yields, UST up 2-3 bps across the board, which, if sustained, should follow through to NZ rates; USD boosted by softer EUR; NZD has kept up with the USD, now trading at 0.6915
9th May 17, 8:22am
Increased risk appetite has seen higher global bond yields, UST up 2-3 bps across the board, which, if sustained, should follow through to NZ rates; USD boosted by softer EUR; NZD has kept up with the USD, now trading at 0.6915
NZD outperforms all majors to trade at 0.6920 USD and 0.9320 AUD; USD fell after release of employment report, UST yields largely unaffected; local short end rates look to RBNZ announcement for direction
8th May 17, 8:10am
NZD outperforms all majors to trade at 0.6920 USD and 0.9320 AUD; USD fell after release of employment report, UST yields largely unaffected; local short end rates look to RBNZ announcement for direction
NZ 2yr swap rate remained anchored at 2.31% and 10yr swap rate is up to 3.40%; UST rates also showed mild steepening, 10 yr at 2.35%, strong employment report tonight would provide an upside bias
5th May 17, 8:19am
NZ 2yr swap rate remained anchored at 2.31% and 10yr swap rate is up to 3.40%; UST rates also showed mild steepening, 10 yr at 2.35%, strong employment report tonight would provide an upside bias
NZD has suffered from a recent drop in commodity prices even though NZ commodity prices have held up, currently trading at 0.6855 USD; USD reversed gains from FOMC announcement as EUR strengthened
5th May 17, 8:10am
NZD has suffered from a recent drop in commodity prices even though NZ commodity prices have held up, currently trading at 0.6855 USD; USD reversed gains from FOMC announcement as EUR strengthened
AUD was the weakest performer of the day, down 1.4% to 0.7430 USD; spillover effects have seen NZDUSD drop back below the 0.6900 level and it is trading around the session lows of 0.6880; FOMC statement pushed USD slightly higher
4th May 17, 8:19am
AUD was the weakest performer of the day, down 1.4% to 0.7430 USD; spillover effects have seen NZDUSD drop back below the 0.6900 level and it is trading around the session lows of 0.6880; FOMC statement pushed USD slightly higher
Probability of June rate hike moved from 63% to 75% after the FOMC announcement, with 36 bps increase priced in for rest of the year; NZ 2yr swap rate was unchanged but the 10yr was down 2 bps, driven by global forces
4th May 17, 8:08am
Probability of June rate hike moved from 63% to 75% after the FOMC announcement, with 36 bps increase priced in for rest of the year; NZ 2yr swap rate was unchanged but the 10yr was down 2 bps, driven by global forces