sign up log in
Want to go ad-free? Find out how, here.

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 6 months

Latest articles

NZ rates and NZD fall after 25bps rate hike from the RBNZ
US data releases continue to positively surprise. Another US FOMC member on verge of joining "faster taper" camp. US short rates higher and USD up to fresh 16-month high
25th Nov 21, 7:52am
by Jason Wong
US data releases continue to positively surprise. Another US FOMC member on verge of joining "faster taper" camp. US short rates higher and USD up to fresh 16-month high
NZD languishes ahead of expected OCR hike
Global rates push higher on hawkish central bank talk and better European PMIs. NZD continues to languish, ahead of RBNZ MPS today. A 25bps hike today is the better bet; mortgage rates already up in the order of 175bps
24th Nov 21, 7:52am
by Jason Wong
1
Global rates push higher on hawkish central bank talk and better European PMIs. NZD continues to languish, ahead of RBNZ MPS today. A 25bps hike today is the better bet; mortgage rates already up in the order of 175bps
NZD struggles while the AUD holds its ground
Powell to be re-appointed as Fed Chair, Brainard elevated to vice-Chair. Announcement supports US equities, higher US rates and stronger USD
23rd Nov 21, 7:53am
by Jason Wong
Powell to be re-appointed as Fed Chair, Brainard elevated to vice-Chair. Announcement supports US equities, higher US rates and stronger USD
NZD/AUD gets a sustained lift
GBP outperforms following yet another positive inflation surprise. NZD consolidates around 0.70; AUD on the soft side following no smoking gun in wage data. UST yields nudge lower
18th Nov 21, 7:39am
by Jason Wong
GBP outperforms following yet another positive inflation surprise. NZD consolidates around 0.70; AUD on the soft side following no smoking gun in wage data. UST yields nudge lower
NZD slumps below 70 USc again
A trio of strong US data and strong UK labour market data. USD and GBP notably stronger on the back of that; Only muted reaction in rates market; UST yields barely higher
17th Nov 21, 7:57am
by Jason Wong
A trio of strong US data and strong UK labour market data. USD and GBP notably stronger on the back of that; Only muted reaction in rates market; UST yields barely higher
NZD rises with other commodity currencies
Global rates higher across the board; US break-even inflation rates at fresh highs. Surprisingly positive Chinese economic data and hawkish central bank commentary. Commodity currencies slightly outperform
16th Nov 21, 7:56am
by Jason Wong
Global rates higher across the board; US break-even inflation rates at fresh highs. Surprisingly positive Chinese economic data and hawkish central bank commentary. Commodity currencies slightly outperform
NZ dollar falls below US71 cents
US CPI inflation surges to a 30-year high driving US rates higher across the curve and spilling over into other markets. USD stronger
11th Nov 21, 8:00am
by Jason Wong
US CPI inflation surges to a 30-year high driving US rates higher across the curve and spilling over into other markets. USD stronger
NZD and AUD under pressure, not helped by ongoing concern about China
Risk appetite deteriorates without any obvious trigger. US equities down from record highs, global bonds rally
10th Nov 21, 7:57am
by Jason Wong
Risk appetite deteriorates without any obvious trigger. US equities down from record highs, global bonds rally
A risk-positive tone sees the NZD rise
US Treasuries reverse some of Friday's rally. European gas prices higher after no sign of Russia helping with increased supply
9th Nov 21, 7:55am
by Jason Wong
US Treasuries reverse some of Friday's rally. European gas prices higher after no sign of Russia helping with increased supply
Muted initial currency market reactions to US Fed decision, NZ jobs gains
US Fed tapers asset purchases as expected by -US$15 bln per month and shows less confidence that elevated inflation will be transitory. Market pricing well contained
4th Nov 21, 7:56am
by Jason Wong
1
US Fed tapers asset purchases as expected by -US$15 bln per month and shows less confidence that elevated inflation will be transitory. Market pricing well contained
NZD falls in sympathy with the AUD
RBA shows reluctance to embrace the inflation thematic and continues its dovish line, driving lower rates across the curve and dragging the AUD down
3rd Nov 21, 7:59am
by Jason Wong
RBA shows reluctance to embrace the inflation thematic and continues its dovish line, driving lower rates across the curve and dragging the AUD down
NZD encounters resistance at just under 72 USc
New week, new month continues with positive risk sentiment theme. Fresh highs for global equities; global rates push higher
2nd Nov 21, 7:53am
by Jason Wong
New week, new month continues with positive risk sentiment theme. Fresh highs for global equities; global rates push higher
NZD heads toward 72 USc
Australian CPI, UK Budget and hawkish Bank of Canada all trigger market reactions. Global rates lower overnight. But NZ rates market caught up in Australian CPI aftermath, seeing further ramp up in yields
28th Oct 21, 7:54am
by Jason Wong
Australian CPI, UK Budget and hawkish Bank of Canada all trigger market reactions. Global rates lower overnight. But NZ rates market caught up in Australian CPI aftermath, seeing further ramp up in yields
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