Jason Wong

Slight improvement in risk sentiment pushes US equities and UST yields higher. Oil bounces back. Significant falls in NZ mid-long term rates on global forces and less debt issuance ahead

Slight improvement in risk sentiment pushes US equities and UST yields higher. Oil bounces back. Significant falls in NZ mid-long term rates on global forces and less debt issuance ahead

Government housing policy creates economic uncertainty, driving down NZ rates and NZD which is down 2.3% in last 24 hours. Oil prices down over 6% on concerns extended European lockdowns will curb demand

Government housing policy creates economic uncertainty, driving down NZ rates and NZD which is down 2.3% in last 24 hours. Oil prices down over 6% on concerns extended European lockdowns will curb demand

US Treasury yields retreat supporting risk sentiment. No fallout from plunge in Turkish Lira. NZD recovers to around 0.7180. RBNZ continues to suppress NZ long term rates

US Treasury yields retreat supporting risk sentiment. No fallout from plunge in Turkish Lira. NZD recovers to around 0.7180. RBNZ continues to suppress NZ long term rates

UST yields surge higher in the aftermath of Fed's policy update. US equities and USD reverse some of the initial post-FOMC move. NZD underperforms, back below 0.72 not helped by softer GDP and strong Australian labour market report

UST yields surge higher in the aftermath of Fed's policy update. US equities and USD reverse some of the initial post-FOMC move. NZD underperforms, back below 0.72 not helped by softer GDP and strong Australian labour market report

US yields and USD higher, equities lower pre FOMC announcement, but Fed delivers a very dovish missive. No rate hike until at least 2024 despite strong economy and above-target inflation. UST yields holds near highs

US yields and USD higher, equities lower pre FOMC announcement, but Fed delivers a very dovish missive. No rate hike until at least 2024 despite strong economy and above-target inflation. UST yields holds near highs

Quiet trading conditions ahead of tomorrow's FOMC announcement. Flat pricing across US equities, USTs and USD; NZD flat around 0.72. Markets unperturbed by softer US data. GDT dairy auction pricing falls back after stellar prior auction

Quiet trading conditions ahead of tomorrow's FOMC announcement. Flat pricing across US equities, USTs and USD; NZD flat around 0.72. Markets unperturbed by softer US data. GDT dairy auction pricing falls back after stellar prior auction

Soft US core CPI data supports bond and equity markets, softens USD. NZD touches 0,72 overnight. Dovish RBA yesterday helps drive NZ rates lower

Soft US core CPI data supports bond and equity markets, softens USD. NZD touches 0,72 overnight. Dovish RBA yesterday helps drive NZ rates lower

Market sentiment flips - big tech charges ahead, driving higher US equities. US 10-year rate pushes lower. OECD does a massive upgrade of world growth outlook. USD reverses course; NZD and AUD recover some lost ground. NZ economy flattening out

Market sentiment flips - big tech charges ahead, driving higher US equities. US 10-year rate pushes lower. OECD does a massive upgrade of world growth outlook. USD reverses course; NZD and AUD recover some lost ground. NZ economy flattening out

USD remains well supported as US 10-year rate consolidates around 1.60%. EM currencies struggling, as is the NZD. US and European equities start the week on a positive note

USD remains well supported as US 10-year rate consolidates around 1.60%. EM currencies struggling, as is the NZD. US and European equities start the week on a positive note

Bond market back in focus with chunky rises in rates across the board overnight. UK Budget, US inflation concern and ECB chatter in the mix. Currencies unperturbed, although AUD and NZD slip overnight

Bond market back in focus with chunky rises in rates across the board overnight. UK Budget, US inflation concern and ECB chatter in the mix. Currencies unperturbed, although AUD and NZD slip overnight

GDT dairy auction shows booming prices. Little impact on NZD though, approaching 0.73 on a soft USD. US equities pull back. UST10s show little net change

GDT dairy auction shows booming prices. Little impact on NZD though, approaching 0.73 on a soft USD. US equities pull back. UST10s show little net change

Calmer conditions return to bond markets overnight encouraging equity investors to buy the dip. US ISM manufacturing positively surprises. RBA bond buying activity drives strong rally in rates and helps drag NZ rates lower. Commodity currencies outperform

Calmer conditions return to bond markets overnight encouraging equity investors to buy the dip. US ISM manufacturing positively surprises. RBA bond buying activity drives strong rally in rates and helps drag NZ rates lower. Commodity currencies outperform

Global reflation trade the predominant force, drives US equities higher, supported by a dovish Fed. UST10s stretch to 1.43% before wave of buying ensues. NZ rates push higher and add risk to tightening cycle beginning next year

Global reflation trade the predominant force, drives US equities higher, supported by a dovish Fed. UST10s stretch to 1.43% before wave of buying ensues. NZ rates push higher and add risk to tightening cycle beginning next year

Equity markets remain under pressure. US Treasury rates consolidate. Only small currency moves, with the NZD remaining near its high. RBNZ MPS in focus today - to remain dovish, but less dovish than November

Equity markets remain under pressure. US Treasury rates consolidate. Only small currency moves, with the NZD remaining near its high. RBNZ MPS in focus today - to remain dovish, but less dovish than November

Rates fall back overnight after yesterday's carnage. Commodity prices on the charge, supporting fresh highs in NZD and AUD. USD broadly weaker as well 

Rates fall back overnight after yesterday's carnage. Commodity prices on the charge, supporting fresh highs in NZD and AUD. USD broadly weaker as well 

Equities fall back after their recent strong run. Nerves on higher global bond rates backdrop and weak US labour market data not helping. NZD remains range-bound; GBP still in favour

Equities fall back after their recent strong run. Nerves on higher global bond rates backdrop and weak US labour market data not helping. NZD remains range-bound; GBP still in favour

US retail sales surprisingly strong in January and other data positively surprise. Still, US equities weaker, and UST yields fall from recent high. NZ swaps curve approaches steepest level since 2014

US retail sales surprisingly strong in January and other data positively surprise. Still, US equities weaker, and UST yields fall from recent high. NZ swaps curve approaches steepest level since 2014

US 10-year rate up to fresh high of 1.29%. Commodity prices track higher, including another strong dairy auction. But commodity currencies surprisingly underperform

US 10-year rate up to fresh high of 1.29%. Commodity prices track higher, including another strong dairy auction. But commodity currencies surprisingly underperform

Global reflation trade doesn't stop for the US holiday. Global equity markets at new highs; commodity prices higher; global rates higher. USD and JPY on the weak side

Global reflation trade doesn't stop for the US holiday. Global equity markets at new highs; commodity prices higher; global rates higher. USD and JPY on the weak side

Higher inflation expectations drive US 10-year rate above 1.20%. Equity market unperturbed, with S&P500 posting fresh high. Yellen tells G7 Finance Ministers to "go big" on fiscal policy. NZD/AUD drifts down further to 0.93

Higher inflation expectations drive US 10-year rate above 1.20%. Equity market unperturbed, with S&P500 posting fresh high. Yellen tells G7 Finance Ministers to "go big" on fiscal policy. NZD/AUD drifts down further to 0.93

Low volatility in most asset prices seen this week continues. Slightly improving trend in US jobless claims. US rates nudge up; NZD and AUD push higher. Big flattening in NZGB curve yesterday

Low volatility in most asset prices seen this week continues. Slightly improving trend in US jobless claims. US rates nudge up; NZD and AUD push higher. Big flattening in NZGB curve yesterday

Soft US core CPI data supports US Treasuries. Dovish Riksbank ... playbook for RBNZ later this month? Small currency movements, but NZD underperforms slightly again

Soft US core CPI data supports US Treasuries. Dovish Riksbank ... playbook for RBNZ later this month? Small currency movements, but NZD underperforms slightly again

US equities consolidate around recent high. US 10-year rate pushes lower. The Draghi effect pushes Italy rates to record low and supports EUR. NZ rates close at fresh 11-month highs but NZD underperforms overnight

US equities consolidate around recent high. US 10-year rate pushes lower. The Draghi effect pushes Italy rates to record low and supports EUR. NZ rates close at fresh 11-month highs but NZD underperforms overnight

Stronger US data supports US equities; UST10s yield push higher. Strong NZ labour market data drives NZ rates to 9-10 month highs. NZD loses ground overnight after pushing higher yesterday

Stronger US data supports US equities; UST10s yield push higher. Strong NZ labour market data drives NZ rates to 9-10 month highs. NZD loses ground overnight after pushing higher yesterday

Back to normal trading - equity markets show solid gains. AUD the worst performer post dovish RBA statement. USD shows broad-based gains. NZ rates sell-off ahead of bond syndication and ahead of important NZ labour market data today

Back to normal trading - equity markets show solid gains. AUD the worst performer post dovish RBA statement. USD shows broad-based gains. NZ rates sell-off ahead of bond syndication and ahead of important NZ labour market data today