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 3 months

Latest articles

Kiwi dollar rebounds
Strong rebound in risk appetite. Vaccine hopes, lockdowns ease, EU Recovery Fund a step closer. Global equities up 3-4%, higher global rates. NZD and AUD show decent rises
19th May 20, 7:56am
by Jason Wong
Strong rebound in risk appetite. Vaccine hopes, lockdowns ease, EU Recovery Fund a step closer. Global equities up 3-4%, higher global rates. NZD and AUD show decent rises
Politics buffets the currency markets
A larger NZ fiscal easing puts upward pressure on long-term rates. NZD bid higher, but stronger USD overnight takes it back down. US-China relations continue to sour
15th May 20, 8:11am
by Jason Wong
1
A larger NZ fiscal easing puts upward pressure on long-term rates. NZD bid higher, but stronger USD overnight takes it back down. US-China relations continue to sour
NZD lower across the board, with most damage done yesterday
Fed Chair Powell pushes back on negative rates; market ignores it. RBNZ doesn’t push back on negative rates; market embraces it. NZ rates down to record low
14th May 20, 7:52am
by Jason Wong
Fed Chair Powell pushes back on negative rates; market ignores it. RBNZ doesn’t push back on negative rates; market embraces it. NZ rates down to record low
All eyes on Adrian Orr
A more cautious tone overnight. Global rates lower, but NZD and AUD recover a little. Focus on RBNZ MPS this afternoon
13th May 20, 7:52am
by Jason Wong
1
A more cautious tone overnight. Global rates lower, but NZD and AUD recover a little. Focus on RBNZ MPS this afternoon
NZD lacks support
USD rebounds, dragging NZD and AUD more than 1% down. US rates higher, NZ rates remain suppressed. Further surprise oil production cuts but prices fall regardless
12th May 20, 7:56am
by Jason Wong
USD rebounds, dragging NZD and AUD more than 1% down. US rates higher, NZ rates remain suppressed. Further surprise oil production cuts but prices fall regardless
Markets warm to re-opening hopes
Risk appetite back up driving equities higher. Supported by higher oil prices. EUR softer after German court raises red flag on ECB purchases. NZD nudges higher; Dairy prices weaker, but not as weak as expected
6th May 20, 7:56am
by Jason Wong
1
Risk appetite back up driving equities higher. Supported by higher oil prices. EUR softer after German court raises red flag on ECB purchases. NZD nudges higher; Dairy prices weaker, but not as weak as expected
RBNZ drags NZ rates down
NZ rates fall to record lows, driven by RBNZ QE. NZD underperforms against other commodity currencies. EUR weak ahead of German constitutional court decision tonight
5th May 20, 7:59am
by Jason Wong
6
NZ rates fall to record lows, driven by RBNZ QE. NZD underperforms against other commodity currencies. EUR weak ahead of German constitutional court decision tonight
NZD makes gains on the AUD
NZD holds up across a backdrop of weaker risk appetite. NZ rates fall to record low levels. NZD/AUD reverses course
1st May 20, 7:58am
by Jason Wong
NZD holds up across a backdrop of weaker risk appetite. NZ rates fall to record low levels. NZD/AUD reverses course
Sharp fall in NZ domestic interest rates
Strong recovery in NZD overnight after lower NZ rates drove it weaker yesterday. US equities see rotation into value/small caps. UST yields push lower overnight
29th Apr 20, 7:59am
by Jason Wong
5
Strong recovery in NZD overnight after lower NZ rates drove it weaker yesterday. US equities see rotation into value/small caps. UST yields push lower overnight
NZD pushes back up through the 0.60 mark
More dire economic data, but largely ignored. Commodity currencies recover, with higher oil prices noted. EUR weak as EU can’t (yet) agree on a recovery package
24th Apr 20, 7:56am
by Jason Wong
More dire economic data, but largely ignored. Commodity currencies recover, with higher oil prices noted. EUR weak as EU can’t (yet) agree on a recovery package
NZD sinks in risk-off mood
Further oil market turmoil impacts risk sentiment. Chunky falls in equities; USTs and USD well supported. RBNZ offers more support to the economy
22nd Apr 20, 7:57am
by Jason Wong
Further oil market turmoil impacts risk sentiment. Chunky falls in equities; USTs and USD well supported. RBNZ offers more support to the economy
NZD weaker for the week
Another strong rally in equity markets on hope for the future. USD under pressure sees NZD back above 0.60. NZ short end rates down to record lows while curve steepens
20th Apr 20, 7:58am
by Jason Wong
Another strong rally in equity markets on hope for the future. USD under pressure sees NZD back above 0.60. NZ short end rates down to record lows while curve steepens
A reality check sets in
Dire US economic data helps trigger a reality check. US equities, US rates lower; USD in strong demand. NZD slips back below 0.60
16th Apr 20, 7:57am
by Jason Wong
Dire US economic data helps trigger a reality check. US equities, US rates lower; USD in strong demand. NZD slips back below 0.60
USD weaker across the board
AUD and NZD up strongly from pre-Easter levels. Following Fed announcement of further extraordinary policy measures US equities weaker ahead of earnings season
14th Apr 20, 7:38am
by Jason Wong
2
AUD and NZD up strongly from pre-Easter levels. Following Fed announcement of further extraordinary policy measures US equities weaker ahead of earnings season
NZD rises as USD under pressure
Hope on COVID-19 outlook drives further improvement in risk sentiment. USD under pressure; AUD higher on RBA “tapering”; NZD rallies as well. Higher government rates across the board
8th Apr 20, 8:01am
by Jason Wong
Hope on COVID-19 outlook drives further improvement in risk sentiment. USD under pressure; AUD higher on RBA “tapering”; NZD rallies as well. Higher government rates across the board
NZD dips to fresh lows
Oil prices surge ahead on hope of production cuts. USD rises further, sending NZD and AUD down to fresh lows for the week. RBNZ ramps up QE this week and signals openness to expand scope of program
6th Apr 20, 8:11am
by Jason Wong
Oil prices surge ahead on hope of production cuts. USD rises further, sending NZD and AUD down to fresh lows for the week. RBNZ ramps up QE this week and signals openness to expand scope of program
Fast receding risk appetites hurt the NZD
A bad start to Q2 for risk assets. NZ bond market underperforms as issuance program ramps up. NZD goes sub-0.59 overnight
2nd Apr 20, 7:54am
by Jason Wong
1
A bad start to Q2 for risk assets. NZ bond market underperforms as issuance program ramps up. NZD goes sub-0.59 overnight
Stronger USD sees NZD slip below 0.60
Equities markets start the week on a positive note, even in the face of some dire economic data. New policies to support growth continue to be announced
31st Mar 20, 7:49am
by Jason Wong
1
Equities markets start the week on a positive note, even in the face of some dire economic data. New policies to support growth continue to be announced
'Boldness' in the face of crisis
Global equities up for the third day running as central banks and governments show policy support. USD under pressure as risk sentiment improves. NZD, AUD and GBP all more than 2% higher overnight
27th Mar 20, 7:56am
by Jason Wong
2
Global equities up for the third day running as central banks and governments show policy support. USD under pressure as risk sentiment improves. NZD, AUD and GBP all more than 2% higher overnight
RBNZ begins large scale asset purchases
Global equities stage another strong rally on US fiscal package. USD on the back foot on higher risk appetite. NZD little changed from NZ close
26th Mar 20, 7:56am
by Jason Wong
Global equities stage another strong rally on US fiscal package. USD on the back foot on higher risk appetite. NZD little changed from NZ close
NZD higher yesterday but flat overnight
Big leap in risk appetite drives equity markets higher. Hope for US lawmakers to sign off on large fiscal package. Global rates higher. USD under pressure as financial market stress eases
25th Mar 20, 7:48am
by Jason Wong
1
Big leap in risk appetite drives equity markets higher. Hope for US lawmakers to sign off on large fiscal package. Global rates higher. USD under pressure as financial market stress eases
Weak NZD responds with rise on US Fed moves
Fed takes central bank policy to its limit with new initiatives. But US equities weaker anyway, while USTs supported. Fed announcement sees NZD recover overnight. RBNZ QE policy drives NZ rates down significantly
24th Mar 20, 8:00am
by Jason Wong
Fed takes central bank policy to its limit with new initiatives. But US equities weaker anyway, while USTs supported. Fed announcement sees NZD recover overnight. RBNZ QE policy drives NZ rates down significantly
NZD softer
US equities under pressure again. Upward trend in USTs broken, a sign that central banks have more control. Governments step up, or look to step up, on fiscal support packages
23rd Mar 20, 7:51am
by Jason Wong
US equities under pressure again. Upward trend in USTs broken, a sign that central banks have more control. Governments step up, or look to step up, on fiscal support packages
NZD falling and at risk of more steep declines
Markets in turmoil as a deep global recession comes into play. Global equities plunge, even as Fed begins QE4. Wide ranges in USTs and currencies. Demand for USD liquidity sees USD soar
13th Mar 20, 7:42am
by Jason Wong
21
Markets in turmoil as a deep global recession comes into play. Global equities plunge, even as Fed begins QE4. Wide ranges in USTs and currencies. Demand for USD liquidity sees USD soar
NZD well supported
US equities plunge on disappointing policy response. UK and euro-area policy makers look more alert – BoE does intra-meeting 50bps cut. Bond curves steeper. NZD settles around 0.63
12th Mar 20, 7:42am
by Jason Wong
US equities plunge on disappointing policy response. UK and euro-area policy makers look more alert – BoE does intra-meeting 50bps cut. Bond curves steeper. NZD settles around 0.63