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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

10 years 8 months

Latest articles

NZD recovers, including against the AUD
Market takes an optimistic view on Russia-Ukraine peace talks, driving European equities, rates and the euro higher; oil prices lower. UST 2s10s curve briefly inverts
by Jason Wong
Market takes an optimistic view on Russia-Ukraine peace talks, driving European equities, rates and the euro higher; oil prices lower. UST 2s10s curve briefly inverts
NZD falls 1%
Bonds, currencies, oil markets all volatile. UST10s swing in big range, with further curve flattening. Bank of Japan moves to keep the 10-yr yield under 0.25%
by Jason Wong
4
Bonds, currencies, oil markets all volatile. UST10s swing in big range, with further curve flattening. Bank of Japan moves to keep the 10-yr yield under 0.25%
NZD misses out on strong commodity price rises
Global rates lower after recent surge higher. Strong gains in oil prices and metals drive AUD to almost 75 USc. NZD/JPY and NZ 2 year swap rate hit highest levels in nearly 7 years
by Jason Wong
3
Global rates lower after recent surge higher. Strong gains in oil prices and metals drive AUD to almost 75 USc. NZD/JPY and NZ 2 year swap rate hit highest levels in nearly 7 years
NZD, AUD outperform on higher risk appetite
Global bond market selloff continues. Interest rates up to fresh multi-year highs. Equity markets unperturbed
by Jason Wong
1
Global bond market selloff continues. Interest rates up to fresh multi-year highs. Equity markets unperturbed
NZD slips back
Another surge higher in global rates to fresh multi-year highs. Fed Chair Powell delivers a hawkish speech; 50bps rate hikes "live". 2-10 year Treasury yields up 15-17bps
by Jason Wong
1
Another surge higher in global rates to fresh multi-year highs. Fed Chair Powell delivers a hawkish speech; 50bps rate hikes "live". 2-10 year Treasury yields up 15-17bps
NZD and AUD recover overnight. Eyes on dated NZ GDP
Chinese government shows support for economy and stockmarket. Fed delivers 25bps hike and hawkish rate projections, with 7 hikes this year and a chance of 50bps moves
by Jason Wong
2
Chinese government shows support for economy and stockmarket. Fed delivers 25bps hike and hawkish rate projections, with 7 hikes this year and a chance of 50bps moves
NZD recovers a little overnight, NZD/AUD breaks above 0.94
Oil prices plunge below USD100 per barrel. Supporting a lift in US equities while bond market sell-off takes a breather. FOMC 25bps hike well anticipated
by Jason Wong
1
Oil prices plunge below USD100 per barrel. Supporting a lift in US equities while bond market sell-off takes a breather. FOMC 25bps hike well anticipated
Commodity currencies much weaker
Market volatility continues. China in the spotlight with its zero-COVID strategy continuing. Global rates surge to multi-year highs, even as oil prices plunge
by Jason Wong
Market volatility continues. China in the spotlight with its zero-COVID strategy continuing. Global rates surge to multi-year highs, even as oil prices plunge
NZD and AUD modestly higher as USD retreats
Big reversal of some recent market moves on little fresh news. Strong bounce in global equities. Global rates higher. Oil prices plunge 12%. Euro rebounds
by Jason Wong
1
Big reversal of some recent market moves on little fresh news. Strong bounce in global equities. Global rates higher. Oil prices plunge 12%. Euro rebounds
NZD supported by higher domestic rates after bold OCR call
US and UK ban Russian oil imports. EU might be looking to issue bonds to finance massive spend-up on energy and defense. German bond rates surge, pushing up US Treasuries
by Jason Wong
2
US and UK ban Russian oil imports. EU might be looking to issue bonds to finance massive spend-up on energy and defense. German bond rates surge, pushing up US Treasuries
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
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
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
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
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%
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
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%
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
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
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
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
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
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
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
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
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