Jason Wong

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

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%