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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

9 years 5 months

Latest articles

US rates lower, with the possible appointment of a "low-rates" guy to the US Fed just another reason to sell the USD. USD indices fall to fresh multi-year lows. But equity markets probe record highs
27th Jun 25, 7:46am
US rates lower, with the possible appointment of a "low-rates" guy to the US Fed just another reason to sell the USD. USD indices fall to fresh multi-year lows. But equity markets probe record highs
Calm market conditions overnight. EUR and GBP push up to fresh 2025 highs; NZD solidifies recovery above 60 USc. A full 25bps rate cut now priced for the US Fed by September
26th Jun 25, 7:43am
Calm market conditions overnight. EUR and GBP push up to fresh 2025 highs; NZD solidifies recovery above 60 USc. A full 25bps rate cut now priced for the US Fed by September
Iran orchestrates a missile strike on a US base in Qatar; but well-telegraphed and seen more as symbolic than an escalation in the conflict. Market relieved that oil infrastructure not targeted. Risk assets recover strongly
24th Jun 25, 7:42am
Iran orchestrates a missile strike on a US base in Qatar; but well-telegraphed and seen more as symbolic than an escalation in the conflict. Market relieved that oil infrastructure not targeted. Risk assets recover strongly
Investors adopt a cautious stance as the US becomes more involved in the Iran-Israel conflict. US data weaker than expected. Global equities weaker, US Treasuries lower and USD broadly stronger
18th Jun 25, 7:55am
Investors adopt a cautious stance as the US becomes more involved in the Iran-Israel conflict. US data weaker than expected. Global equities weaker, US Treasuries lower and USD broadly stronger
Risk assets recover as Israel dominates battle against Iran; no sign of conflict spreading to elsewhere in the Middle East and Iran seeks end to hostilities. Global equities stronger, US Treasury yields higher and oil prices lower
17th Jun 25, 7:52am
Risk assets recover as Israel dominates battle against Iran; no sign of conflict spreading to elsewhere in the Middle East and Iran seeks end to hostilities. Global equities stronger, US Treasury yields higher and oil prices lower
Weaker US inflation data drive down US rates. USD also weaker, but NZD and AUD see no net benefit after US-China trade talks end with parties just agreeing to keep the previous agreement, with no further progress
12th Jun 25, 7:57am
Weaker US inflation data drive down US rates. USD also weaker, but NZD and AUD see no net benefit after US-China trade talks end with parties just agreeing to keep the previous agreement, with no further progress
US-China trade talks continue for a second day in London. US treasuries range trade and only small moves in currencies
11th Jun 25, 7:48am
US-China trade talks continue for a second day in London. US treasuries range trade and only small moves in currencies
Lower US inflation expectations support US Treasuries and rates nudge down. USD broadly weaker; NZD pushes up. Markets await China/US trade negotiation news
10th Jun 25, 8:22am
Lower US inflation expectations support US Treasuries and rates nudge down. USD broadly weaker; NZD pushes up. Markets await China/US trade negotiation news
Trump and Xi speak. Trump says the call "a very positive conclusion"; China readout not as positive. ECB cuts as expected but signals being close to the end of the easing cycle. US initial jobless claims rise to highest level since October
6th Jun 25, 7:57am
Trump and Xi speak. Trump says the call "a very positive conclusion"; China readout not as positive. ECB cuts as expected but signals being close to the end of the easing cycle. US initial jobless claims rise to highest level since October
US equities are stronger, supported by the JOLTs report, which showed resilience in the labour market. US treasuries reversed course after the report, pushing up yields across the curve, and the 10-year rate is up slightly
4th Jun 25, 7:42am
US equities are stronger, supported by the JOLTs report, which showed resilience in the labour market. US treasuries reversed course after the report, pushing up yields across the curve, and the 10-year rate is up slightly
Global rates higher with spillover from a poor ultra-long bond auction in Japan, but the UST 10-yr rate hasn’t pushed much higher. The NZD sustained the modest gain seen after the RBNZ’s new neutral bias, following its rate cut
29th May 25, 7:41am
Global rates higher with spillover from a poor ultra-long bond auction in Japan, but the UST 10-yr rate hasn’t pushed much higher. The NZD sustained the modest gain seen after the RBNZ’s new neutral bias, following its rate cut
US equities surge, encouraged by de-escalation of US-EU trade tensions while US consumer confidence rebounds sharply. Japan's move to address issues with its ultra-long bond market supports global rates market, with rates falling around the globe
28th May 25, 8:00am
US equities surge, encouraged by de-escalation of US-EU trade tensions while US consumer confidence rebounds sharply. Japan's move to address issues with its ultra-long bond market supports global rates market, with rates falling around the globe
Trump backtracks on Friday's threat to impose 50% tariff on EU. Euro Stoxx 600 index up 1%, S&P500 futures up 1.3%; US 10-year Treasury future unchanged, reversing move in NZ session
27th May 25, 7:41am
Trump backtracks on Friday's threat to impose 50% tariff on EU. Euro Stoxx 600 index up 1%, S&P500 futures up 1.3%; US 10-year Treasury future unchanged, reversing move in NZ session
US consumer sentiment falls to historical lows, inflation expectations shoot higher. Trump's tax bill fails early in the process, a rare event. Moody's downgrades US credit rating. NZ inflation expectations rise; domestic rates market underperforms
19th May 25, 7:24am
US consumer sentiment falls to historical lows, inflation expectations shoot higher. Trump's tax bill fails early in the process, a rare event. Moody's downgrades US credit rating. NZ inflation expectations rise; domestic rates market underperforms
In a heavy US data release day, activity and pricing indicators were weak, driving down US rates and supported US equities. The NZD and AUD underperform again
16th May 25, 7:53am
In a heavy US data release day, activity and pricing indicators were weak, driving down US rates and supported US equities. The NZD and AUD underperform again
US Treasury yields push higher as focus turns to the US fiscal outlook. US equities 'consolidate'. Despite talk, currency markets little-changed
15th May 25, 7:37am
US Treasury yields push higher as focus turns to the US fiscal outlook. US equities 'consolidate'. Despite talk, currency markets little-changed
US CPI report softer than expected, but rates market largely ignores it, with a focus on tariffs lifting future inflation; US Treasury yields push higher, with 10-year rate hitting 4.5%
14th May 25, 7:49am
US CPI report softer than expected, but rates market largely ignores it, with a focus on tariffs lifting future inflation; US Treasury yields push higher, with 10-year rate hitting 4.5%
Significant de-escalation of the US-China trade war a better outcome than expected. Equity markets have soared. Global rates are much higher, USD rises strongly
13th May 25, 7:40am
Significant de-escalation of the US-China trade war a better outcome than expected. Equity markets have soared. Global rates are much higher, USD rises strongly
Risk sentiment is higher on trade war de-escalation with a US and UK trade “framework”. US equities are up over 1% and Treasury yields are up 10-13bps. Hopes for trade deals have supported the USD across the board
9th May 25, 7:45am
Risk sentiment is higher on trade war de-escalation with a US and UK trade “framework”. US equities are up over 1% and Treasury yields are up 10-13bps. Hopes for trade deals have supported the USD across the board
US equities are lower, US Treasury yields are lower, and the USD is broadly weaker, with the market remaining fixated on tariffs and the impact for the US economy. Strong GDT dairy auction and oil prices rebound 3%
7th May 25, 7:49am
US equities are lower, US Treasury yields are lower, and the USD is broadly weaker, with the market remaining fixated on tariffs and the impact for the US economy. Strong GDT dairy auction and oil prices rebound 3%
Taiwan dollar surges again, driven by speculation on trade deals. US-Japan trade negotiations not looking good for Japan so far. Stronger than expected ISM survey assuages fear of US economic recession
6th May 25, 7:40am
Taiwan dollar surges again, driven by speculation on trade deals. US-Japan trade negotiations not looking good for Japan so far. Stronger than expected ISM survey assuages fear of US economic recession
US equities higher after strong earnings reports from Microsoft and Meta; ISM PMI didn’t fall as much as expected, even if there are clear signs of cracks opening in the US economy. Chatter that the US is trying to initiate trade talks with China
2nd May 25, 7:43am
US equities higher after strong earnings reports from Microsoft and Meta; ISM PMI didn’t fall as much as expected, even if there are clear signs of cracks opening in the US economy. Chatter that the US is trying to initiate trade talks with China
US economic data awful - exploding trade deficit adds to Q1 GDP downside risk; weaker consumer confidence and drop in job openings. Some backdown on auto tariffs but China won't "kneel down" on trade war
30th Apr 25, 7:43am
US economic data awful - exploding trade deficit adds to Q1 GDP downside risk; weaker consumer confidence and drop in job openings. Some backdown on auto tariffs but China won't "kneel down" on trade war
China's foreign ministry confirms China and the US are NOT engaged in trade talks. Another poor Fed regional survey; plenty of media commentary on reduced China-US trade and prospect of empty US shelves ahead
29th Apr 25, 7:37am
China's foreign ministry confirms China and the US are NOT engaged in trade talks. Another poor Fed regional survey; plenty of media commentary on reduced China-US trade and prospect of empty US shelves ahead
Claim then denials on US tariff policy shifts. Softer European and US PMI data; US beige book shows early economic impact of tariffs. Equities rise, then fade. USD broadly stronger
24th Apr 25, 7:59am
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Claim then denials on US tariff policy shifts. Softer European and US PMI data; US beige book shows early economic impact of tariffs. Equities rise, then fade. USD broadly stronger