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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 7 months

Latest articles

Stronger than expected US retail sales report supports higher US rates and USD backdrop. This strength sidelines massive NZ Q2 GDP report. NZD/AUD settles around 0.97
17th Sep 21, 8:16am
Stronger than expected US retail sales report supports higher US rates and USD backdrop. This strength sidelines massive NZ Q2 GDP report. NZD/AUD settles around 0.97
US equities stronger against the grain of other markets. UK and Canadian inflation surprises alongside higher energy prices drive global rates higher. Negative newsflow out of China keeps on coming
16th Sep 21, 7:48am
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US equities stronger against the grain of other markets. UK and Canadian inflation surprises alongside higher energy prices drive global rates higher. Negative newsflow out of China keeps on coming
Commodity prices push higher. NZD flat around 0.71; Business confidence resilient during current lockdown
14th Sep 21, 7:44am
Commodity prices push higher. NZD flat around 0.71; Business confidence resilient during current lockdown
Cautious tone continues, equities push lower. US 10-year rate reverses course. Small moves in currencies
9th Sep 21, 8:01am
Cautious tone continues, equities push lower. US 10-year rate reverses course. Small moves in currencies
Mild risk off sees lower equity markets and stronger USD overnight. Global rates push higher in a week with increased supply. RBA does a dovish taper
8th Sep 21, 7:52am
Mild risk off sees lower equity markets and stronger USD overnight. Global rates push higher in a week with increased supply. RBA does a dovish taper
Global equity markets remain on record-breaking run. NZ swap rates up to highest levels in more than two years, supported by conviction in RBNZ rate hike cycle
7th Sep 21, 7:47am
Global equity markets remain on record-breaking run. NZ swap rates up to highest levels in more than two years, supported by conviction in RBNZ rate hike cycle
US labour market indicators on the soft side ahead of Friday's key non-farm payrolls report. US rates and USD lower on that. NZ and AU long bond rate rates jump higher yesterday
2nd Sep 21, 7:46am
US labour market indicators on the soft side ahead of Friday's key non-farm payrolls report. US rates and USD lower on that. NZ and AU long bond rate rates jump higher yesterday
Plethora of global data releases show weaker activity and higher inflation. Global rates push higher on higher euro area inflation and nerves ahead of ECB next week
1st Sep 21, 7:52am
Plethora of global data releases show weaker activity and higher inflation. Global rates push higher on higher euro area inflation and nerves ahead of ECB next week
Some post-Powell speech follow-through, with US equities higher and US rates lower. Currency markets muted. Full economic calendar in the day ahead
31st Aug 21, 7:47am
Some post-Powell speech follow-through, with US equities higher and US rates lower. Currency markets muted. Full economic calendar in the day ahead
Higher risk appetite the theme overnight. US equities higher, global rates higher, NZD and AUD higher. NZ rates higher, now pricing in almost two full 25bps rate hikes over the remaining RBNZ meetings this year
26th Aug 21, 7:46am
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Higher risk appetite the theme overnight. US equities higher, global rates higher, NZD and AUD higher. NZ rates higher, now pricing in almost two full 25bps rate hikes over the remaining RBNZ meetings this year
Risk appetite continues to increase driving up US equities, commodity prices and commodity currencies. RBNZ reinforces its policy message of higher rates, de-linked to the current COVID outbreak
25th Aug 21, 7:43am
Risk appetite continues to increase driving up US equities, commodity prices and commodity currencies. RBNZ reinforces its policy message of higher rates, de-linked to the current COVID outbreak
The new week begins with a recovery in risk appetite. Markets attune to some better news on COVID19. Oil up over 5%; commodity currencies up 1%, USD broadly weaker. Rates market asleep
24th Aug 21, 7:46am
The new week begins with a recovery in risk appetite. Markets attune to some better news on COVID19. Oil up over 5%; commodity currencies up 1%, USD broadly weaker. Rates market asleep
Hawkish hold from RBNZ sees NZD volatility but little net change; NZ curve steepens a little. Nerves ahead of FOMC minutes, but fears of some hawkish soundbites not realised. Fresh year-to-date lows for EUR, AUD and NZD printed but moderate changes in FX
19th Aug 21, 8:00am
Hawkish hold from RBNZ sees NZD volatility but little net change; NZ curve steepens a little. Nerves ahead of FOMC minutes, but fears of some hawkish soundbites not realised. Fresh year-to-date lows for EUR, AUD and NZD printed but moderate changes in FX
NZD and rates plunge as market reassesses near term monetary policy outlook. Weaker US retail sales send US equities lower, USD higher. NZD finds support at 0.69
18th Aug 21, 8:10am
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NZD and rates plunge as market reassesses near term monetary policy outlook. Weaker US retail sales send US equities lower, USD higher. NZD finds support at 0.69
A cautious start to the week following soft China economic data. Commodity currencies underperform; US 10-year rate nudges lower. NZD holds head above 0.70
17th Aug 21, 8:25am
A cautious start to the week following soft China economic data. Commodity currencies underperform; US 10-year rate nudges lower. NZD holds head above 0.70
Market takes some comfort from latest US CPI report. USD and US 10-year yield fall, the latter aided by strong bond auction. NZD outperforms, up as high as 0.7060
12th Aug 21, 7:48am
Market takes some comfort from latest US CPI report. USD and US 10-year yield fall, the latter aided by strong bond auction. NZD outperforms, up as high as 0.7060
Little news, but risk sentiment improves overnight. US and European equity indices at fresh record highs, commodity currencies rebound - NZD back with 0.70 handle. US 10-year rate continues to grind higher
11th Aug 21, 7:44am
Little news, but risk sentiment improves overnight. US and European equity indices at fresh record highs, commodity currencies rebound - NZD back with 0.70 handle. US 10-year rate continues to grind higher
Commodity prices under pressure. NZD hangs in there around 0.70. US rates push higher; equities flat
10th Aug 21, 7:53am
Commodity prices under pressure. NZD hangs in there around 0.70. US rates push higher; equities flat
US Treasuries whipsawed by mixed US data and upbeat comments from Fed vice-chair Clarida. NZ rates rise across the curve as the market banks on an earlier and more aggressive monetary tightening cycle
5th Aug 21, 7:54am
US Treasuries whipsawed by mixed US data and upbeat comments from Fed vice-chair Clarida. NZ rates rise across the curve as the market banks on an earlier and more aggressive monetary tightening cycle
RBNZ gives nod to potential August rate hike pushing up short rates higher and NZD well supported. RBA upbeat despite lockdowns, supporting AUD. Global equities push higher; UST10s range-bound
4th Aug 21, 7:53am
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RBNZ gives nod to potential August rate hike pushing up short rates higher and NZD well supported. RBA upbeat despite lockdowns, supporting AUD. Global equities push higher; UST10s range-bound
US 10-year rate tumbles to a low of just below 1.15% after slightly softer US ISM survey. AUD up ahead of RBA this afternoon; NZD flat. COVID19 spreads across nearly half of China's provinces
3rd Aug 21, 7:43am
US 10-year rate tumbles to a low of just below 1.15% after slightly softer US ISM survey. AUD up ahead of RBA this afternoon; NZD flat. COVID19 spreads across nearly half of China's provinces
Fed tweaks policy Statement but unlikely to change market expectations of timing of tapering decision. Little market reaction; USD slightly weaker as Fed Chair Powell offers some dovish soundbites
29th Jul 21, 7:52am
Fed tweaks policy Statement but unlikely to change market expectations of timing of tapering decision. Little market reaction; USD slightly weaker as Fed Chair Powell offers some dovish soundbites
Risk off as China's regulatory crackdown on sectors spills over into other markets. S&P500 down over 1%, Nasdaq down over 2% at their lows. USD surprisingly weak during risk-off episode, but NZD and AUD still dragged down by hit on CNY
28th Jul 21, 8:01am
Risk off as China's regulatory crackdown on sectors spills over into other markets. S&P500 down over 1%, Nasdaq down over 2% at their lows. USD surprisingly weak during risk-off episode, but NZD and AUD still dragged down by hit on CNY
Risk appetite recovers after weak Asian trading session. US equities up slightly to a fresh record high. US nominal 10-year rate little changed for the day but real rate prints a record low. NZD regains the 0.70 handle amidst broad USD weakness
27th Jul 21, 7:41am
Risk appetite recovers after weak Asian trading session. US equities up slightly to a fresh record high. US nominal 10-year rate little changed for the day but real rate prints a record low. NZD regains the 0.70 handle amidst broad USD weakness
Global equities push higher; global rates push lower. ECB reasserts dovish credentials resulting in small EUR underperformance. NZD and AUD show small gains. Strong demand for NZGBs even after QE ends in NZ
23rd Jul 21, 7:46am
Global equities push higher; global rates push lower. ECB reasserts dovish credentials resulting in small EUR underperformance. NZD and AUD show small gains. Strong demand for NZGBs even after QE ends in NZ