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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

5 years 11 months

Latest articles

NZD recovers to about 68 USc but NZD/AUD down to fresh six-month low
Risk appetite recovers overnight, global equities higher. AUD outperforms following another strong labour market report
21st Jan 22, 7:50am
by Jason Wong
Risk appetite recovers overnight, global equities higher. AUD outperforms following another strong labour market report
A plunge in risk sentiment puts the NZD under pressure
Omicron fears and likely death of US spending bill drag global equity markets much lower. US 10-year rate down a touch, below 1.40%
21st Dec 21, 7:57am
by Jason Wong
Omicron fears and likely death of US spending bill drag global equity markets much lower. US 10-year rate down a touch, below 1.40%
NZD continues to languish and a new YTD low
Markets expect another incrementally hawkish tilt from US Fed. US equities lower for third day running, US rates steady
16th Dec 21, 7:55am
by Jason Wong
1
Markets expect another incrementally hawkish tilt from US Fed. US equities lower for third day running, US rates steady
NZD tracks sideways, close to 2021 low
US PPI inflation surges, adding to inflation angst. US equities seemingly more nervous than rates market, ahead of FOMC update tomorrow
15th Dec 21, 8:04am
by Jason Wong
1
US PPI inflation surges, adding to inflation angst. US equities seemingly more nervous than rates market, ahead of FOMC update tomorrow
Global equities, global rates, commodity currencies all lower
Risk sentiment weaker to start the new week, ahead of busy event calendar, not helped by negative Omicron headlines and surging European gas prices
14th Dec 21, 7:51am
by Jason Wong
1
Risk sentiment weaker to start the new week, ahead of busy event calendar, not helped by negative Omicron headlines and surging European gas prices
NZD/AUD retreats again
NZD and AUD recover further, supported by better sentiment on China driving yuan strength. Bank of Canada doesn't sanction early rate hike expectations built into market pricing. Global rates push higher; US curve steepens
9th Dec 21, 7:53am
by Jason Wong
NZD and AUD recover further, supported by better sentiment on China driving yuan strength. Bank of Canada doesn't sanction early rate hike expectations built into market pricing. Global rates push higher; US curve steepens
Commodity currencies outperform although NZD lags the move again
Omicron fears continue to recede, driving risk sentiment higher. US rates higher with more curve flattening
8th Dec 21, 8:01am
by Jason Wong
Omicron fears continue to recede, driving risk sentiment higher. US rates higher with more curve flattening
NZD lags the rally in commodity currencies
Risk appetite improves on Omicron optimism and China policy easing. US equities, UST yields, oil prices all higher
7th Dec 21, 7:59am
by Jason Wong
Risk appetite improves on Omicron optimism and China policy easing. US equities, UST yields, oil prices all higher
NZD and AUD weaker overnight
Whippy market backdrop continues, with recovery in global equities. US ADP employment and ISM manufacturing in line; US Treasury rates push up a little
2nd Dec 21, 7:53am
by Jason Wong
Whippy market backdrop continues, with recovery in global equities. US ADP employment and ISM manufacturing in line; US Treasury rates push up a little
NZD and AUD hit fresh lows for the year
Markets volatile, VIX index up to 28, decent flattening in US Treasuries curve. Fed Chair Powell alludes to greater inflationary pressure and argues for a faster taper
1st Dec 21, 7:58am
by Jason Wong
1
Markets volatile, VIX index up to 28, decent flattening in US Treasuries curve. Fed Chair Powell alludes to greater inflationary pressure and argues for a faster taper
NZD continues to languish
US equities recover some of Friday's losses; US 10-year rate pushes higher. But an unconvincing bounce-back as investors adopt a cautious tone until we get more clarity on Omicron. Germany CPI inflation hits 6% but no support for EUR
30th Nov 21, 8:01am
by Jason Wong
US equities recover some of Friday's losses; US 10-year rate pushes higher. But an unconvincing bounce-back as investors adopt a cautious tone until we get more clarity on Omicron. Germany CPI inflation hits 6% but no support for EUR
NZ rates and NZD fall after 25bps rate hike from the RBNZ
US data releases continue to positively surprise. Another US FOMC member on verge of joining "faster taper" camp. US short rates higher and USD up to fresh 16-month high
25th Nov 21, 7:52am
by Jason Wong
US data releases continue to positively surprise. Another US FOMC member on verge of joining "faster taper" camp. US short rates higher and USD up to fresh 16-month high
NZD languishes ahead of expected OCR hike
Global rates push higher on hawkish central bank talk and better European PMIs. NZD continues to languish, ahead of RBNZ MPS today. A 25bps hike today is the better bet; mortgage rates already up in the order of 175bps
24th Nov 21, 7:52am
by Jason Wong
1
Global rates push higher on hawkish central bank talk and better European PMIs. NZD continues to languish, ahead of RBNZ MPS today. A 25bps hike today is the better bet; mortgage rates already up in the order of 175bps
NZD struggles while the AUD holds its ground
Powell to be re-appointed as Fed Chair, Brainard elevated to vice-Chair. Announcement supports US equities, higher US rates and stronger USD
23rd Nov 21, 7:53am
by Jason Wong
Powell to be re-appointed as Fed Chair, Brainard elevated to vice-Chair. Announcement supports US equities, higher US rates and stronger USD
NZD/AUD gets a sustained lift
GBP outperforms following yet another positive inflation surprise. NZD consolidates around 0.70; AUD on the soft side following no smoking gun in wage data. UST yields nudge lower
18th Nov 21, 7:39am
by Jason Wong
GBP outperforms following yet another positive inflation surprise. NZD consolidates around 0.70; AUD on the soft side following no smoking gun in wage data. UST yields nudge lower
NZD slumps below 70 USc again
A trio of strong US data and strong UK labour market data. USD and GBP notably stronger on the back of that; Only muted reaction in rates market; UST yields barely higher
17th Nov 21, 7:57am
by Jason Wong
A trio of strong US data and strong UK labour market data. USD and GBP notably stronger on the back of that; Only muted reaction in rates market; UST yields barely higher
NZD rises with other commodity currencies
Global rates higher across the board; US break-even inflation rates at fresh highs. Surprisingly positive Chinese economic data and hawkish central bank commentary. Commodity currencies slightly outperform
16th Nov 21, 7:56am
by Jason Wong
Global rates higher across the board; US break-even inflation rates at fresh highs. Surprisingly positive Chinese economic data and hawkish central bank commentary. Commodity currencies slightly outperform
NZ dollar falls below US71 cents
US CPI inflation surges to a 30-year high driving US rates higher across the curve and spilling over into other markets. USD stronger
11th Nov 21, 8:00am
by Jason Wong
US CPI inflation surges to a 30-year high driving US rates higher across the curve and spilling over into other markets. USD stronger
NZD and AUD under pressure, not helped by ongoing concern about China
Risk appetite deteriorates without any obvious trigger. US equities down from record highs, global bonds rally
10th Nov 21, 7:57am
by Jason Wong
Risk appetite deteriorates without any obvious trigger. US equities down from record highs, global bonds rally
A risk-positive tone sees the NZD rise
US Treasuries reverse some of Friday's rally. European gas prices higher after no sign of Russia helping with increased supply
9th Nov 21, 7:55am
by Jason Wong
US Treasuries reverse some of Friday's rally. European gas prices higher after no sign of Russia helping with increased supply
Muted initial currency market reactions to US Fed decision, NZ jobs gains
US Fed tapers asset purchases as expected by -US$15 bln per month and shows less confidence that elevated inflation will be transitory. Market pricing well contained
4th Nov 21, 7:56am
by Jason Wong
1
US Fed tapers asset purchases as expected by -US$15 bln per month and shows less confidence that elevated inflation will be transitory. Market pricing well contained
NZD falls in sympathy with the AUD
RBA shows reluctance to embrace the inflation thematic and continues its dovish line, driving lower rates across the curve and dragging the AUD down
3rd Nov 21, 7:59am
by Jason Wong
RBA shows reluctance to embrace the inflation thematic and continues its dovish line, driving lower rates across the curve and dragging the AUD down
NZD encounters resistance at just under 72 USc
New week, new month continues with positive risk sentiment theme. Fresh highs for global equities; global rates push higher
2nd Nov 21, 7:53am
by Jason Wong
New week, new month continues with positive risk sentiment theme. Fresh highs for global equities; global rates push higher
NZD heads toward 72 USc
Australian CPI, UK Budget and hawkish Bank of Canada all trigger market reactions. Global rates lower overnight. But NZ rates market caught up in Australian CPI aftermath, seeing further ramp up in yields
28th Oct 21, 7:54am
by Jason Wong
Australian CPI, UK Budget and hawkish Bank of Canada all trigger market reactions. Global rates lower overnight. But NZ rates market caught up in Australian CPI aftermath, seeing further ramp up in yields
Currencies in a consolidation mode
US and European break-even inflation rates push higher. US consumer confidence unexpectedly rises while consumer inflation expectations hit 13-year high
27th Oct 21, 7:55am
by Jason Wong
US and European break-even inflation rates push higher. US consumer confidence unexpectedly rises while consumer inflation expectations hit 13-year high
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