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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 4 months

Latest articles

NZD down almost a cent down from yesterday's high
Markets highly volatile as investors weigh up Russian oil embargo; Germany rejects that prospect. Stagflation worries; higher inflation expectations push global rates higher while equities much weaker
8th Mar 22, 8:02am
by Jason Wong
1
Markets highly volatile as investors weigh up Russian oil embargo; Germany rejects that prospect. Stagflation worries; higher inflation expectations push global rates higher while equities much weaker
NZD in a tug of war between commodity price tailwind and risk appetite headwind
Risk sentiment sours as focus remains on war in Ukraine. Money markets show signs of stress with a collateral squeeze. Alongside flood to safe-havens, global rates rally massively
2nd Mar 22, 8:13am
by Jason Wong
1
Risk sentiment sours as focus remains on war in Ukraine. Money markets show signs of stress with a collateral squeeze. Alongside flood to safe-havens, global rates rally massively
Markets pare back global tightening expectations
Russian assets slammed following weekend sanctions imposed on Russia's central bank. Some spillover into European prices. EUR struggles. But risk sentiment improves from the poor Monday open
1st Mar 22, 7:58am
by Jason Wong
Russian assets slammed following weekend sanctions imposed on Russia's central bank. Some spillover into European prices. EUR struggles. But risk sentiment improves from the poor Monday open
Volatility set to continue this week
Risk sentiment improved on Friday, driving global equities significantly higher. Weekend developments saw more sanctions on Russian banks (SWIFT expulsions) and Russia's central bank. Putin readies nuclear forces
28th Feb 22, 7:49am
by Jason Wong
1
Risk sentiment improved on Friday, driving global equities significantly higher. Weekend developments saw more sanctions on Russian banks (SWIFT expulsions) and Russia's central bank. Putin readies nuclear forces
NZD and domestic rates higher after more hawkish RBNZ MPS
No material developments in Russia-Ukraine situation so markets well contained. Modest falls in US, European equities; US 10-year rate trades just under 2%
24th Feb 22, 7:51am
by Jason Wong
No material developments in Russia-Ukraine situation so markets well contained. Modest falls in US, European equities; US 10-year rate trades just under 2%
Another 25bps hike expected from the RBNZ today, alongside guidance of many further hikes to come
Market volatility continues on Russia-Ukraine developments; Putin's intentions remain unclear. Only light-touch sanctions against Russia so far; Market sentiment improves overnight
23rd Feb 22, 8:07am
by Jason Wong
8
Market volatility continues on Russia-Ukraine developments; Putin's intentions remain unclear. Only light-touch sanctions against Russia so far; Market sentiment improves overnight
NZD and AUD outperform (again) despite soft risk appetite backdrop
Overnight developments on Russia-Ukraine more consistent with imminent war than diplomatic solution. US on holiday but S&P futures well down, while Euro Stoxx 600 index falls 1.3%
22nd Feb 22, 7:58am
by Jason Wong
Overnight developments on Russia-Ukraine more consistent with imminent war than diplomatic solution. US on holiday but S&P futures well down, while Euro Stoxx 600 index falls 1.3%
Currency market pares back chance of 50bps hike next month by the Fed
Russia-Ukraine developments remain in the spotlight; no evidence of Russian military pullback. US equities and global rates head lower. Stonker US retail sales report, but market reaction contained
17th Feb 22, 7:49am
by Jason Wong
2
Russia-Ukraine developments remain in the spotlight; no evidence of Russian military pullback. US equities and global rates head lower. Stonker US retail sales report, but market reaction contained
NZD and AUD make small gains
Global equities higher, US 10-year rate retests 2.05% mark, oil prices fall. Fears of imminent Russia-Ukraine war subside after apparent troop withdrawal and Putin's call for peace
16th Feb 22, 8:01am
by Jason Wong
Global equities higher, US 10-year rate retests 2.05% mark, oil prices fall. Fears of imminent Russia-Ukraine war subside after apparent troop withdrawal and Putin's call for peace
NZD underperforms, not helped by stagflationary backdrop
Market focus on Russia-Ukraine situation and US monetary policy outlook continues to drive volatility. US Treasury rates reverse Friday's move and yields run higher; Bullard's hawkish comments don't help
15th Feb 22, 7:53am
by Jason Wong
Market focus on Russia-Ukraine situation and US monetary policy outlook continues to drive volatility. US Treasury rates reverse Friday's move and yields run higher; Bullard's hawkish comments don't help
Rising global risk appetite raises the NZD
Risk appetite improves, seeing solid gains in global equities and the NZD outperforming. Global rates retreat ahead of tonight's key US CPI report. NZ Omicron wave more of a ripple so far, but economic hit still evident
10th Feb 22, 7:56am
by Jason Wong
Risk appetite improves, seeing solid gains in global equities and the NZD outperforming. Global rates retreat ahead of tonight's key US CPI report. NZ Omicron wave more of a ripple so far, but economic hit still evident
NZ 10yr bond yield at highest since November 2018
Global rates continue to push higher, US 10-year rate just shy of 2%, NZ 10-year rate hits fresh three-year high. Some apparent de-escalation of Ukraine situation; oil prices weaker
9th Feb 22, 7:57am
by Jason Wong
Global rates continue to push higher, US 10-year rate just shy of 2%, NZ 10-year rate hits fresh three-year high. Some apparent de-escalation of Ukraine situation; oil prices weaker
NZD and AUD made good gains from oversold levels
Market ignores RBA's policy message. More positive inflation surprise for Europe, adding focus to German yields and ECB meeting later this week. Key NZ labour market data today
2nd Feb 22, 7:48am
by Jason Wong
1
Market ignores RBA's policy message. More positive inflation surprise for Europe, adding focus to German yields and ECB meeting later this week. Key NZ labour market data today
Both NZD and AUD recover some lost ground but NZD/AUD down to 6-month low
Risk appetite improves as the new week begins. EUR supported by strong German inflation data. Should see a more hawkish pivot from the RBA later today
1st Feb 22, 7:51am
by Jason Wong
1
Risk appetite improves as the new week begins. EUR supported by strong German inflation data. Should see a more hawkish pivot from the RBA later today
NZD and AUD struggle and fall to fresh lows
US equities bounce-back strongly to show net gain for the volatile week. Fed interviews so far back Powell's open-minded, but hawkish, credentials. US employment cost index not as high as feared
31st Jan 22, 7:41am
by Jason Wong
1
US equities bounce-back strongly to show net gain for the volatile week. Fed interviews so far back Powell's open-minded, but hawkish, credentials. US employment cost index not as high as feared
NZD falls to 15-month lows
Powell's hawkish post-FOMC comments reverberate across markets. USD shows broadly based strength, sending NZD below 0.66 to fresh 15-month lows. Higher NZ rates in the face of strong inflation provide no offset to that force
28th Jan 22, 7:49am
by Jason Wong
Powell's hawkish post-FOMC comments reverberate across markets. USD shows broadly based strength, sending NZD below 0.66 to fresh 15-month lows. Higher NZ rates in the face of strong inflation provide no offset to that force
NZD hovers just below 67 USc ahead of major releases
Ahead of the US Fed, the Bank of Canada delivers a hawkish hold signaling higher rates from here. Eyes on NZ CPI
27th Jan 22, 7:31am
by Jason Wong
9
Ahead of the US Fed, the Bank of Canada delivers a hawkish hold signaling higher rates from here. Eyes on NZ CPI
Market well priced for RBA hikes this year after another strong AU-CPI rise
Volatility in equity markets continues. S&P500 down 2% after late 4% rally from its low yesterday. US 10-year rate shows little net movement
26th Jan 22, 7:51am
by Jason Wong
2
Volatility in equity markets continues. S&P500 down 2% after late 4% rally from its low yesterday. US 10-year rate shows little net movement
NZD hits a fresh 14-month low
Europe prepares for Russian invasion of Ukraine. Risk appetite takes a hit. Big slump in global equities. Modest rally in global bonds
25th Jan 22, 7:52am
by Jason Wong
Europe prepares for Russian invasion of Ukraine. Risk appetite takes a hit. Big slump in global equities. Modest rally in global bonds
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