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

Positive NZD reaction to GDP spike short-lived

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

by Jason Wong

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

NZD stuck at around 71 USc

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

by Jason Wong

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

Currency action muted; eyes on Covid and commodity prices

Commodity prices push higher. NZD flat around 0.71; Business confidence resilient during current lockdown

14th Sep 21, 7:44am

by Jason Wong

Commodity prices push higher. NZD flat around 0.71; Business confidence resilient during current lockdown

NZD slightly better than others, hanging in there just above 0.71

Cautious tone continues, equities push lower. US 10-year rate reverses course. Small moves in currencies

9th Sep 21, 8:01am

by Jason Wong

Cautious tone continues, equities push lower. US 10-year rate reverses course. Small moves in currencies

NZD back down to 0.71 on global forces, ignores strong GDT dairy auction

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

by Jason Wong

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

USD recovers a little; NZD and AUD modestly weaker after their strong recovery over the past fortnight

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

by Jason Wong

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

AUD leads the charge higher, followed by the NZD

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

by Jason Wong

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

NZD's end-of-month rise a head-scratcher

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

by Jason Wong

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

NZD flat around 0.70, AUD dips just below 0.73

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

by Jason Wong

Some post-Powell speech follow-through, with US equities higher and US rates lower. Currency markets muted. Full economic calendar in the day ahead

Markets pricing in two 2021 RBNZ rate hikes

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

by Jason Wong

NZD and AUD enjoy a further rally

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

by Jason Wong

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

Local lockdown has little influence on the NZD

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

by Jason Wong

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

USD weakens post its CPI data, boosting the Kiwi

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

by Jason Wong

RBNZ rate hike today moves from a sure thing, to a coin toss

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

by Jason Wong

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

NZD trends lower as commodity currencies soften

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

by Jason Wong

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

USD weakens post its CPI data, boosting the Kiwi

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

by Jason Wong

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

'NZD recovers nicely'

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

by Jason Wong

NZD resilient in the face of commodity price weakness

Commodity prices under pressure. NZD hangs in there around 0.70. US rates push higher; equities flat

10th Aug 21, 7:53am

by Jason Wong

Commodity prices under pressure. NZD hangs in there around 0.70. US rates push higher; equities flat

NZD holds gains after yesterday's very strong labour market reports.

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

by Jason Wong

Hawkish RBNZ raises OCR hike expectations

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

by Jason Wong

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

Benchmark bond yields have outsized reaction

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

by Jason Wong

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

NZD weaker on key crosses for no obvious reason

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

by Jason Wong

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

Some NZD crosses down more than 1%

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

by Jason Wong

NZD rises on returning risk appetite

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

by Jason Wong

NZD in modest overnight gain

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

by Jason Wong