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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

10 years 8 months

Latest articles

NYSE trading floor
NZD along for the ride
US PPI data higher than expected but friendly undertones. ECB cuts policy rate by 25bps, but not as dovish as expected. Stronger Australian employment report hoses down rate cut expectations
by Jason Wong
US PPI data higher than expected but friendly undertones. ECB cuts policy rate by 25bps, but not as dovish as expected. Stronger Australian employment report hoses down rate cut expectations
Australian dollar tumbles
Both the AUD and NZD whacked
RBA makes a dovish pivot after recent softer data; market brings forward path of easier policy, driving down Australian rates and the AUD
by Jason Wong
RBA makes a dovish pivot after recent softer data; market brings forward path of easier policy, driving down Australian rates and the AUD
Currencies
Currency market brought alive after China announcement
China's Politburo shifts from a "prudent" to a "moderately loose" monetary policy stance. The announcement triggered a turnaround in sentiment, with a stronger yuan seeing the NZD and AUD bounce-back
by Jason Wong
China's Politburo shifts from a "prudent" to a "moderately loose" monetary policy stance. The announcement triggered a turnaround in sentiment, with a stronger yuan seeing the NZD and AUD bounce-back
NYSE trading floor
The AUD continues to languish, and the NZD rises against it
Markets in holding pattern ahead of the US employment report. Bitcoin blasts up through USD100,000. No adverse reaction to French political crisis. OPEC+ pushes back plans to lift production
by Jason Wong
Markets in holding pattern ahead of the US employment report. Bitcoin blasts up through USD100,000. No adverse reaction to French political crisis. OPEC+ pushes back plans to lift production
Korean won rate
NZD consolidates below 59 USc
Political crisis in Korea, but little spillover. Chinese yuan falls to a fresh low for the year. Fed speakers suggest December meeting live, but dependent on jobs report
by Jason Wong
Political crisis in Korea, but little spillover. Chinese yuan falls to a fresh low for the year. Fed speakers suggest December meeting live, but dependent on jobs report
currency charts
NZD languishes but the NZD/EUR rises
US economic data continues to positively surprise, with gains in PMI indicators. French political crisis helps the USD, but JPY is the strongest of the majors
by Jason Wong
US economic data continues to positively surprise, with gains in PMI indicators. French political crisis helps the USD, but JPY is the strongest of the majors
NYSE trading floor
"A zone of volatility for prices and inflation coming": Hawkesby
AUD supported after RBA reiterates inflation still too high. NZD steady. RBNZ MPC members rolled out in post MPS interviews. Lower NZ rates follow global moves
by Jason Wong
1
AUD supported after RBA reiterates inflation still too high. NZD steady. RBNZ MPC members rolled out in post MPS interviews. Lower NZ rates follow global moves
NZD/USD at a fresh low for the year while NZD/AUD breaks below 90 AUc ahead of RBNZ MPS
Surprising falls in UK and Euro area PMIs against surprising strength in the US PMI drove down European yields and currencies while supporting the USD
by Jason Wong
Surprising falls in UK and Euro area PMIs against surprising strength in the US PMI drove down European yields and currencies while supporting the USD
NYSE trading floor
NZD languishes below 59 USc and below 90 AUc
US Treasuries continue to consolidate. There were mixed US second-tier data releases overnight. Ukraine-Russia war escalation continues. Market reaction was muted, although European currencies continue to struggle
by Jason Wong
1
US Treasuries continue to consolidate. There were mixed US second-tier data releases overnight. Ukraine-Russia war escalation continues. Market reaction was muted, although European currencies continue to struggle
bull vs bear
The USD is broadly stronger, seeing the NZD back below 59 USc
US equities weaker, awaiting Nvidia's results. UST benchmark yields ignore rising Ukraine tensions
by Jason Wong
US equities weaker, awaiting Nvidia's results. UST benchmark yields ignore rising Ukraine tensions
Currencies on chessboard
Commodity currencies have outperformed, with the NZD pushing up to 59 USc
Risk-off & volatility were generated by geopolitical factors, but they quickly settled. US equities firmed, UST yields softened. Commodity currencies rose
by Jason Wong
Risk-off & volatility were generated by geopolitical factors, but they quickly settled. US equities firmed, UST yields softened. Commodity currencies rose
NZ dollar up
NZD dips then recovers
The USD is broadly weaker for a change, falling against most majors. The NZD hit a fresh 2024 low below 58.4 USc before recovering. US equities in modest recovery after last week’s retreats
by Jason Wong
The USD is broadly weaker for a change, falling against most majors. The NZD hit a fresh 2024 low below 58.4 USc before recovering. US equities in modest recovery after last week’s retreats
NYSE trading floor
The NZD found support at 58.5 USc and has recovered a little from there
Trump trade reach exhaustion. US equities down modestly, and US Treasury yields fall, all despite stronger than expected US economic data
by Jason Wong
1
Trump trade reach exhaustion. US equities down modestly, and US Treasury yields fall, all despite stronger than expected US economic data
NZD falls as yuan weakens
US equity markets at new record highs as markets pared Fed rate cut expectations. The USD is broadly stronger. The NZD and AUD underperform as China’s policy package avoids stimulating consumer spending
by Jason Wong
US equity markets at new record highs as markets pared Fed rate cut expectations. The USD is broadly stronger. The NZD and AUD underperform as China’s policy package avoids stimulating consumer spending
NYSE trading floor
The NZD continues to languish
Ahead of the Fed there has been some reversal of the Trump trade in currency and bond markets, while US equities have continued to power ahead. Another cut by the Fed is certain, key will be the tone of the press conference
by Jason Wong
Ahead of the Fed there has been some reversal of the Trump trade in currency and bond markets, while US equities have continued to power ahead. Another cut by the Fed is certain, key will be the tone of the press conference
Trump dollar
NZD falls -1% vs the USD
In the wake of a decisive victory for Trump and the Republican party at the US elections, market movements have been significant. USD rises, UST rates jump
by Jason Wong
In the wake of a decisive victory for Trump and the Republican party at the US elections, market movements have been significant. USD rises, UST rates jump
USD and AUD compasses
AUD rises, takes NZD with it
Despite the uncertain US election outcome, market pricing consistent with “risk-on”, with stronger US equities, higher rates and a broadly weaker USD. RBA gives a reality check that inflation still too high to warrant easing
by Jason Wong
Despite the uncertain US election outcome, market pricing consistent with “risk-on”, with stronger US equities, higher rates and a broadly weaker USD. RBA gives a reality check that inflation still too high to warrant easing
usd banknote transfers
The NZD makes no gains against a weaker USD
Trump trade reverses. The USD is broadly lower and US rates are lower across the curve led by the long end. Oil prices are up nearly 3% on OPEC+’s delay to increase supply and hawkish Iran talk
by Jason Wong
Trump trade reverses. The USD is broadly lower and US rates are lower across the curve led by the long end. Oil prices are up nearly 3% on OPEC+’s delay to increase supply and hawkish Iran talk
NYSE trading floor
The NZD continues to languish
US equities end month on a weak note, on weaker forward guidance. The reaction to the UK Budget continues to reverberate, with higher UK rates, weaker GBP. The BoJ left the door open for a possible December rate hike
by Jason Wong
1
US equities end month on a weak note, on weaker forward guidance. The reaction to the UK Budget continues to reverberate, with higher UK rates, weaker GBP. The BoJ left the door open for a possible December rate hike
The NZD languishes at a fresh multi-week low
Oil prices slide 5% as geopolitical risk premium fades. JPY weaker following Japan’s Lower House election. The Trump trade extends, with higher US Treasury yields, higher US equities and a broadly stronger USD
by Jason Wong
Oil prices slide 5% as geopolitical risk premium fades. JPY weaker following Japan’s Lower House election. The Trump trade extends, with higher US Treasury yields, higher US equities and a broadly stronger USD
NYSE trading floor
NZD holds on
Market movements modest, with US equities currently showing a small gain, while global rates are lower after their recent rise. Global PMI data were in line with expectations, with small changes in October
by Jason Wong
1
Market movements modest, with US equities currently showing a small gain, while global rates are lower after their recent rise. Global PMI data were in line with expectations, with small changes in October
us-dollar1
The USD is broadly stronger
Global rates are broadly higher without a satisfactory explanation. US Treasury yields are up 7-9bps across the curve with some even larger moves in many European countries. Higher rates have driven weaker equity markets
by Jason Wong
Global rates are broadly higher without a satisfactory explanation. US Treasury yields are up 7-9bps across the curve with some even larger moves in many European countries. Higher rates have driven weaker equity markets
NZ in tight range, still on the sidelines
China activity data showed a lift in momentum. Japan CPI inflation now above target for a full 2½ years. US equities extending their record-breaking run
by Jason Wong
China activity data showed a lift in momentum. Japan CPI inflation now above target for a full 2½ years. US equities extending their record-breaking run
NYSE trading floor
NZD range trades on quiet currency markets
Stronger than expected US retail sales data saw the market pare the scope for easier Fed policy and drove higher US Treasury yields. The AUD was supported after a strong labour market report
by Jason Wong
Stronger than expected US retail sales data saw the market pare the scope for easier Fed policy and drove higher US Treasury yields. The AUD was supported after a strong labour market report
NZD steady overnight. NZD/AUD and NZD/GBP both higher
US equities modestly higher after yesterday's dip. Soft NZ and UK CPI data drive the market to bring forward projected rate cuts for the RBNZ and BoE. Broad USD strength as the Trump trade continues
by Jason Wong
US equities modestly higher after yesterday's dip. Soft NZ and UK CPI data drive the market to bring forward projected rate cuts for the RBNZ and BoE. Broad USD strength as the Trump trade continues