Jason Wong

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Higher risk sentiment drives up equities, global rates, commodities and commodity currencies. US 10-year rate back up towards 1.3%. Strong US earnings help; companies report widespread inflation pressures

Higher risk sentiment drives up equities, global rates, commodities and commodity currencies. US 10-year rate back up towards 1.3%. Strong US earnings help; companies report widespread inflation pressures

US equities bounce back strongly but other markets don't. US 10-year rate hits fresh low below 1.13% before reversing course. NZD and AUD hit fresh year-to-date lows. COVID19 risks overhang the market; conviction of August RBNZ rate hike recedes

US equities bounce back strongly but other markets don't. US 10-year rate hits fresh low below 1.13% before reversing course. NZD and AUD hit fresh year-to-date lows. COVID19 risks overhang the market; conviction of August RBNZ rate hike recedes

Risk sentiment sours on worries about delta variant and increased geopolitical tensions with China. Equities tumble, US 10-year rate plunges to 5-month low of 1.17%. Commodity currencies down around 1%; NZD nears 0.6920 support level

Risk sentiment sours on worries about delta variant and increased geopolitical tensions with China. Equities tumble, US 10-year rate plunges to 5-month low of 1.17%. Commodity currencies down around 1%; NZD nears 0.6920 support level

Risk appetite weaker on Friday as US consumer sentiment softens. US 10-year rate closes below 1.30%; USD well supported. NZD supported as inflation surges to above the RBNZ's 1-3% target range

Risk appetite weaker on Friday as US consumer sentiment softens. US 10-year rate closes below 1.30%; USD well supported. NZD supported as inflation surges to above the RBNZ's 1-3% target range

US 10-year rate falls further, goes sub-1.30%. US equities show modest gains, but still post a fresh record high. Small lift in NZD as rate hike expectations solidify. No surprise from FOMC minutes

US 10-year rate falls further, goes sub-1.30%. US equities show modest gains, but still post a fresh record high. Small lift in NZD as rate hike expectations solidify. No surprise from FOMC minutes

NZ QSBO and RBA update drive NZD and AUD higher as market brings forward start date of expected policy tightening. But moves reverse course overnight as risk sentiment sours. US 10-year rate falls to lowest level in more than four months 

NZ QSBO and RBA update drive NZD and AUD higher as market brings forward start date of expected policy tightening. But moves reverse course overnight as risk sentiment sours. US 10-year rate falls to lowest level in more than four months 

Quiet trading with the US public holiday. Oil prices higher as no new production deal signed. NZD and AUD flat, trading well below fair value. NZ QSBO and RBA policy announcement today

Quiet trading with the US public holiday. Oil prices higher as no new production deal signed. NZD and AUD flat, trading well below fair value. NZ QSBO and RBA policy announcement today

Markets unmoved by string of data releases. Demand for US Treasuries and USD into month-end. NZ commodity prices rise to a record high. NZ economy overheating; another +$32 bln in household lending

Markets unmoved by string of data releases. Demand for US Treasuries and USD into month-end. NZ commodity prices rise to a record high. NZ economy overheating; another +$32 bln in household lending

Strong confidence data in the US and Euro area supports global equity markets. US Treasuries remain locked in a tight trading range. Commodity currencies underperform despite higher commodity prices and positive risk sentiment

Strong confidence data in the US and Euro area supports global equity markets. US Treasuries remain locked in a tight trading range. Commodity currencies underperform despite higher commodity prices and positive risk sentiment

Cautious trading tone, likely to continue ahead of Friday's US employment report. US 10-year rate falls, reversing Friday night rise. NZD starts the week on a soft note alongside other commodity currencies

Cautious trading tone, likely to continue ahead of Friday's US employment report. US 10-year rate falls, reversing Friday night rise. NZD starts the week on a soft note alongside other commodity currencies

Calm market conditions; equity markets push higher, rates market tightly range-bound. GBP on the soft side after BoE plays with a straight bat with no hint of tightening

Calm market conditions; equity markets push higher, rates market tightly range-bound. GBP on the soft side after BoE plays with a straight bat with no hint of tightening

Focus on Fed speakers overnight. Market conditions calmer; Equities higher, UST yields range bound. NZD outperforms, well up through 0.70 as USD softens

Focus on Fed speakers overnight. Market conditions calmer; Equities higher, UST yields range bound. NZD outperforms, well up through 0.70 as USD softens