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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 3 months

Latest articles

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
NZD breaks through 72 USc to reach its highest level since June
Risk sentiment continues to improve. USD weaker, driving NZD up to 0.72 and AUD through 0.75; NZD/EUR and NZD/JPY hit four-year highs. Domestic rates market remains a minefield
21st Oct 21, 7:53am
by Jason Wong
Risk sentiment continues to improve. USD weaker, driving NZD up to 0.72 and AUD through 0.75; NZD/EUR and NZD/JPY hit four-year highs. Domestic rates market remains a minefield
NZD and AUD show strong gains
Risk appetite higher but market peels back bets on Fed hikes, seeing steeper Treasuries curve; US-10 year hits fresh 4-month high
20th Oct 21, 7:45am
by Jason Wong
Risk appetite higher but market peels back bets on Fed hikes, seeing steeper Treasuries curve; US-10 year hits fresh 4-month high
NZD outperforms, but only modestly higher
Surge in NZ inflation drives NZ (and Australian) rates much higher. Volatility in global energy prices. Global rates push higher
19th Oct 21, 7:43am
by Jason Wong
Surge in NZ inflation drives NZ (and Australian) rates much higher. Volatility in global energy prices. Global rates push higher
NZD biggest loser over past 24 hours with global forces in charge
Natural gas prices surge higher, before soothing comments form President Putin save the day. Still, confidence knocked and risk assets underperform overnight
7th Oct 21, 7:27am
by Jason Wong
2
Natural gas prices surge higher, before soothing comments form President Putin save the day. Still, confidence knocked and risk assets underperform overnight
NZD unchanged ahead of RBNZ review
Global equities rebound. Surging commodity prices push up break-even inflation yields; US 10-year rate back above 1.5%. OIS market prices in 86% chance of a 25bps RBNZ hike today
6th Oct 21, 7:51am
by Jason Wong
Global equities rebound. Surging commodity prices push up break-even inflation yields; US 10-year rate back above 1.5%. OIS market prices in 86% chance of a 25bps RBNZ hike today
NZD supported. NZ short end rates fall ahead of RBNZ review
Big tech tumbles, dragging down S&P500. Global energy crisis getting worse by the day, as coal prices rise to a record high and oil prices up to multi-year highs. USD falls back after last week's rise
5th Oct 21, 7:42am
by Jason Wong
Big tech tumbles, dragging down S&P500. Global energy crisis getting worse by the day, as coal prices rise to a record high and oil prices up to multi-year highs. USD falls back after last week's rise
Global currency markets rumble with uncertainty
USD surges ahead, many majors break key levels. NZD underperforms, not helped by bad news on local COVID-19 outbreak and dwindling vaccination rate. Equity and bond markets settle down after recent sell-offs
30th Sep 21, 7:54am
by Jason Wong
USD surges ahead, many majors break key levels. NZD underperforms, not helped by bad news on local COVID-19 outbreak and dwindling vaccination rate. Equity and bond markets settle down after recent sell-offs
NZD and AUD fall -1%
Whiffs of stagflation see equity markets tumble and global rates continue to push higher as energy prices rise and global growth potholes deepen
29th Sep 21, 7:50am
by Jason Wong
1
Whiffs of stagflation see equity markets tumble and global rates continue to push higher as energy prices rise and global growth potholes deepen
NZD doesn't follow other commodity currencies higher
Global reflation trade returns to the fore. US 10-year rate temporarily breaks above 1.5%; Cyclical sectors for US equities outperform. Commodity prices higher; Brent crude near USD80
28th Sep 21, 7:57am
by Jason Wong
Global reflation trade returns to the fore. US 10-year rate temporarily breaks above 1.5%; Cyclical sectors for US equities outperform. Commodity prices higher; Brent crude near USD80
NZD languishes around 70 USc
Risk appetite improves after Evergrande negotiates a coupon payment. Fed adopts a more hawkish stance, but market well prepared for that. FOMC members bring forward rate hike expectations
23rd Sep 21, 7:48am
by Jason Wong
Risk appetite improves after Evergrande negotiates a coupon payment. Fed adopts a more hawkish stance, but market well prepared for that. FOMC members bring forward rate hike expectations
Markets nervously await US Fed
Equity markets settle after yesterday's chunky selloff. Still awaiting news on Evergrande restructuring. NZ rates lower and NZD on soft side post-RBNZ speech
22nd Sep 21, 7:44am
by Jason Wong
1
Equity markets settle after yesterday's chunky selloff. Still awaiting news on Evergrande restructuring. NZ rates lower and NZD on soft side post-RBNZ speech
NZD stable as turmoil grows around it
Market concerns about pending collapse of China's Evergrande dominate pricing. Global equity markets show chunky falls; global rates rally
21st Sep 21, 7:37am
by Jason Wong
Market concerns about pending collapse of China's Evergrande dominate pricing. Global equity markets show chunky falls; global rates rally
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
1
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
1
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
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