Jason Wong

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

US earnings season off to a strong start. UST yields push higher; Oil prices up 4-5%. No market reaction to as-expected RBNZ MPR.

US earnings season off to a strong start. UST yields push higher; Oil prices up 4-5%. No market reaction to as-expected RBNZ MPR.

Stronger than expected US CPI inflation data. Market celebrates the inflation surprise by driving US equities higher, UST yields and USD lower. RBNZ Monetary Policy Review today not expected to rock the market.

Stronger than expected US CPI inflation data. Market celebrates the inflation surprise by driving US equities higher, UST yields and USD lower. RBNZ Monetary Policy Review today not expected to rock the market.

Equity markets slightly lower; UST yields slightly higher. NZD and AUD flat. US CPI tonight to be closely watched

Equity markets slightly lower; UST yields slightly higher. NZD and AUD flat. US CPI tonight to be closely watched

US corporate tax plan and FOMC minutes have little impact on market. US equities flat; US Treasury yields track sideways. Further cloud over AstraZenecca vaccine. Commodity currencies and GBP underperform

US corporate tax plan and FOMC minutes have little impact on market. US equities flat; US Treasury yields track sideways. Further cloud over AstraZenecca vaccine. Commodity currencies and GBP underperform

GDT dairy auction positively surprises, but NZD still on the softer side of the ledger. US equities consolidate near record high. US Treasury yields push lower

GDT dairy auction positively surprises, but NZD still on the softer side of the ledger. US equities consolidate near record high. US Treasury yields push lower

UST10 yields rise to a fresh 14-month high before falling back, now lower from NZ close. NZD's gain yesterday extinguished as USD stages a broadly based rally. Market awaits President Biden's speech outlining yet more trillions of dollars of spending

UST10 yields rise to a fresh 14-month high before falling back, now lower from NZ close. NZD's gain yesterday extinguished as USD stages a broadly based rally. Market awaits President Biden's speech outlining yet more trillions of dollars of spending

No contagion evident from forced selling as hedge fund gets in trouble. Ship freed, allowing Suez Canal to reopen. Risk sentiment turns from negative to positive. NZD shows tentative signs of recovering after last week's selldown

No contagion evident from forced selling as hedge fund gets in trouble. Ship freed, allowing Suez Canal to reopen. Risk sentiment turns from negative to positive. NZD shows tentative signs of recovering after last week's selldown

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