Jason Wong

Markets unwind some of last week's incredible price action. USD falls, US Treasuries curve significantly re-steepens, reflation-trade sectors favoured in rebound for US equities

Markets unwind some of last week's incredible price action. USD falls, US Treasuries curve significantly re-steepens, reflation-trade sectors favoured in rebound for US equities

Positioning shakeout post-Fed evident in commodities, currencies and Treasuries curve. Commodities plunge, taking NZD and AUD to fresh lows. Strong NZ GDP brings RBNZ policy tightening expectations forward

Positioning shakeout post-Fed evident in commodities, currencies and Treasuries curve. Commodities plunge, taking NZD and AUD to fresh lows. Strong NZ GDP brings RBNZ policy tightening expectations forward

US 10-year rate up nearly 5bps, reversing half of last week's fall, ahead of key FOMC policy update later this week. Oil prices hit a 2 year high; bets increase of an eventual move to $100 a barrel

US 10-year rate up nearly 5bps, reversing half of last week's fall, ahead of key FOMC policy update later this week. Oil prices hit a 2 year high; bets increase of an eventual move to $100 a barrel

USD short-covering on Friday ahead of Fed policy update this week sees NZD close at a two-month low. US 10-year Treasury rate near bottom-of the-range as inflation expectations fall

USD short-covering on Friday ahead of Fed policy update this week sees NZD close at a two-month low. US 10-year Treasury rate near bottom-of the-range as inflation expectations fall

US CPI inflation cracks 5% mark and ECB policy update on the dovish side of expectations. Market prepared to back Fed's view that inflation will prove transitory, so Treasury yields drift lower

US CPI inflation cracks 5% mark and ECB policy update on the dovish side of expectations. Market prepared to back Fed's view that inflation will prove transitory, so Treasury yields drift lower

Equities flat but US 10-year rate heads to bottom of the range, ahead of key US CPI data tomorrow night. NZD back below 0.72; NZD/AUD sub-0.93. NZ rates lower, playing catch-up after long weekend

Equities flat but US 10-year rate heads to bottom of the range, ahead of key US CPI data tomorrow night. NZD back below 0.72; NZD/AUD sub-0.93. NZ rates lower, playing catch-up after long weekend

Mostly strong data, but US ISM employment component soft ahead of key employment data on Friday. US equities flat and US 10-year trades a tight range. Domestic rates continue to push lower, reversing initial post-MPS move

Mostly strong data, but US ISM employment component soft ahead of key employment data on Friday. US equities flat and US 10-year trades a tight range. Domestic rates continue to push lower, reversing initial post-MPS move

US and UK on holiday; a fittingly dull end to a dull month. PBoC signals some discomfort with pace of CNY strength. NZD and AUD push higher against the backdrop of weaker USD

US and UK on holiday; a fittingly dull end to a dull month. PBoC signals some discomfort with pace of CNY strength. NZD and AUD push higher against the backdrop of weaker USD

A quiet end to last week ahead of the US holiday today. Another positive US inflation surprise but US 10-year yield drifts lower. NZD and AUD sluggish against backdrop of higher risk appetite and CNY strength

A quiet end to last week ahead of the US holiday today. Another positive US inflation surprise but US 10-year yield drifts lower. NZD and AUD sluggish against backdrop of higher risk appetite and CNY strength

RBNZ MPS a market-mover as the Bank signals rate hikes from next year. Stronger USD overnight sees NZD lose some of its post-MPS gains, now back below 0.73. NZ rates much higher, with the 5-year rate up the furthest

RBNZ MPS a market-mover as the Bank signals rate hikes from next year. Stronger USD overnight sees NZD lose some of its post-MPS gains, now back below 0.73. NZ rates much higher, with the 5-year rate up the furthest

Flat equity markets, UST10 yields push down to lower end of recent trading range. Currencies largely track sideways, although USD/CNY approaches key 6.40 level. RBNZ MPS today could be a market mover

Flat equity markets, UST10 yields push down to lower end of recent trading range. Currencies largely track sideways, although USD/CNY approaches key 6.40 level. RBNZ MPS today could be a market mover

Little news but risk appetite improves from the US market open, seemingly less concerned about the inflation outlook, at least for today. NZD back above 0.72. RBNZ MPS in sight. UST10s go sub-1.60%

Little news but risk appetite improves from the US market open, seemingly less concerned about the inflation outlook, at least for today. NZD back above 0.72. RBNZ MPS in sight. UST10s go sub-1.60%

Bond markets tread water; US equities show modest falls. USD broadly weaker, NZD back up to 0.7250, AUD through 0.78. NZ 2-year swap rate closes at fresh high for the year, ahead of RBNZ MPS next week

Bond markets tread water; US equities show modest falls. USD broadly weaker, NZD back up to 0.7250, AUD through 0.78. NZ 2-year swap rate closes at fresh high for the year, ahead of RBNZ MPS next week

New week sees risk appetite weaken. NZD underperforms, even as global commodity prices push higher. Fed speakers run the party line on no changes to the policy outlook

New week sees risk appetite weaken. NZD underperforms, even as global commodity prices push higher. Fed speakers run the party line on no changes to the policy outlook

Some softer US activity data, but risk appetite ends the week on a stronger note. More soothing words from the Fed. Broad USD weakness; NZD gains 1% Friday night to 0.7250. UST10 yields drift lower

Some softer US activity data, but risk appetite ends the week on a stronger note. More soothing words from the Fed. Broad USD weakness; NZD gains 1% Friday night to 0.7250. UST10 yields drift lower

Game over...or is it? US CPI inflation an absolute shocker. Vice chair Clarida still runs the party line "it's transitory". US equities tumble, US 10-year rate pushes up to 1.69%. Risk-off move sees USD strength

Game over...or is it? US CPI inflation an absolute shocker. Vice chair Clarida still runs the party line "it's transitory". US equities tumble, US 10-year rate pushes up to 1.69%. Risk-off move sees USD strength

US equities fall again, but this time not led by tech sector. US 10-year rate drifts higher. Only modest currency moves; NZD and AUD track sideways. More spending in Australian Budget

US equities fall again, but this time not led by tech sector. US 10-year rate drifts higher. Only modest currency moves; NZD and AUD track sideways. More spending in Australian Budget

Inflation expectations continue to rise, US 10y BEIs up to a fresh 8-year high; industrial commodity prices stretch higher. Further rotation out of tech stocks into "value". GBP gains over 1% post Scottish elections

Inflation expectations continue to rise, US 10y BEIs up to a fresh 8-year high; industrial commodity prices stretch higher. Further rotation out of tech stocks into "value". GBP gains over 1% post Scottish elections

Rotation out of big tech drags down US equity indices. Negative risk sentiment weighed by Yellen talk of possible rise in rates. US 10-year Treasury rate drifts lower. Safe haven currencies outperform - NZD and AUD show notable fall

Rotation out of big tech drags down US equity indices. Negative risk sentiment weighed by Yellen talk of possible rise in rates. US 10-year Treasury rate drifts lower. Safe haven currencies outperform - NZD and AUD show notable fall

US ISM manufacturing weaker, but with noted supply issues and inflationary pressures. Some reversal of Friday's move - US equities higher, USD lower

US ISM manufacturing weaker, but with noted supply issues and inflationary pressures. Some reversal of Friday's move - US equities higher, USD lower

A weak end to a strong April for US equities. Wealth of data points to stronger US growth and inflation pressure. USTs drift lower in yield, USD shows broadly based rebound

A weak end to a strong April for US equities. Wealth of data points to stronger US growth and inflation pressure. USTs drift lower in yield, USD shows broadly based rebound

US equities rise to fresh record high on solid economic data and strong earnings season. US Treasury yields push a little higher; break-even inflation rate at fresh 8-year high; Copper breaks $10,000. Despite all that, NZD pulls back

US equities rise to fresh record high on solid economic data and strong earnings season. US Treasury yields push a little higher; break-even inflation rate at fresh 8-year high; Copper breaks $10,000. Despite all that, NZD pulls back

US Fed upgrades economic assessment but remains dovish on the policy outlook. USD broadly weaker pre and post FOMC announcement. USTs range trade, US equities a touch higher. NZD outperforms, up 0.7% to 0.7260

US Fed upgrades economic assessment but remains dovish on the policy outlook. USD broadly weaker pre and post FOMC announcement. USTs range trade, US equities a touch higher. NZD outperforms, up 0.7% to 0.7260

S&P500 flat around record high. US 10-year rate trends higher, up 5bps, with higher supply and commodity prices in the mix. NZD and AUD head lower despite positive commodity price backdrop. FOMC policy update in less than 24 hours

S&P500 flat around record high. US 10-year rate trends higher, up 5bps, with higher supply and commodity prices in the mix. NZD and AUD head lower despite positive commodity price backdrop. FOMC policy update in less than 24 hours

Risk sentiment higher from Friday on positive economic data. US equities track close to record high but bond markets flat. NZD and AUD well supported, up to 0.7240 and above 0.78 respectively. Big week ahead for economic data and other events

Risk sentiment higher from Friday on positive economic data. US equities track close to record high but bond markets flat. NZD and AUD well supported, up to 0.7240 and above 0.78 respectively. Big week ahead for economic data and other events