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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 6 months

Latest articles

NYSE trading floor
NZD down a little to 60.4 USc; AUD back below 71 USc
US equities fall by more than 1%, US Treasury yields lower on risk-off vibe. Yen and ultra-long JGBs continue to rally after Takaichi's big election win
by Jason Wong
US equities fall by more than 1%, US Treasury yields lower on risk-off vibe. Yen and ultra-long JGBs continue to rally after Takaichi's big election win
yenrf1
JPY outperforms; AUD up to a 3-year high; NZD steady
Stronger than expected US labour market figures all round - payrolls up 130k, unemployment rate drops to 4.3%. Market pares expected rate cuts this year, US Treasuries curve flattens
by Jason Wong
Stronger than expected US labour market figures all round - payrolls up 130k, unemployment rate drops to 4.3%. Market pares expected rate cuts this year, US Treasuries curve flattens
NZD pushes higher but NZD/AUD falls to fresh cycle lows
Broadly weaker USD overnight. Strong rise in Japanese equities after PM Takaichi wins a strong mandate to govern. JPY recovers after early weakness
by Jason Wong
Broadly weaker USD overnight. Strong rise in Japanese equities after PM Takaichi wins a strong mandate to govern. JPY recovers after early weakness
banknotes
Eyes on key NZ labour market data today
Lower tech stocks drive down US equities while investors rotate to value. Gold and silver prices recover strongly. RBA hikes as expected, supporting higher Australian rates and the AUD, with positive spillover into the NZD
by Jason Wong
Lower tech stocks drive down US equities while investors rotate to value. Gold and silver prices recover strongly. RBA hikes as expected, supporting higher Australian rates and the AUD, with positive spillover into the NZD
banknotes
The oscillating NZ dollar
The US ISM manufacturing index makes a strong recovery. Markets settle after volatile open to the week; US Treasury yields push higher. Oil prices plunge nearly 5%
by Jason Wong
The US ISM manufacturing index makes a strong recovery. Markets settle after volatile open to the week; US Treasury yields push higher. Oil prices plunge nearly 5%
us-dollar1
USD DXY index falls to four-month low; NZD outperforms
Follow-through in currency markets after Friday's "price checks" on yen. Coordinated action between Japan and NY Fed raised speculation that a weaker USD is part of the plan alongside reducing speculative selling in the yen
by Jason Wong
Follow-through in currency markets after Friday's "price checks" on yen. Coordinated action between Japan and NY Fed raised speculation that a weaker USD is part of the plan alongside reducing speculative selling in the yen
USD broadly weaker again, worst week since May
US Dollar debasement trade supports gold and silver; Oil jumps over 3% on weaker USD and fears of future US military action in Iran. NZ annual CPI inflation of 3.1% at top of market estimates
by Jason Wong
US Dollar debasement trade supports gold and silver; Oil jumps over 3% on weaker USD and fears of future US military action in Iran. NZ annual CPI inflation of 3.1% at top of market estimates
NYSE trading floor
USD broadly weaker, sending NZD and AUD higher
Global equity markets extend gains after Trump's Greenland TACO even though details of the "deal" remain sketchy. UST 2-year rate up to top of its range; 10-year rate remains range-bound
by Jason Wong
Global equity markets extend gains after Trump's Greenland TACO even though details of the "deal" remain sketchy. UST 2-year rate up to top of its range; 10-year rate remains range-bound
G10 currencies
NZ swap rates edge up towards December highs
US and European equities recover after Trump dials down aggression at Davos, ruling out military force to acquire Greenland. US Treasury yields range-bound; some order restored to Japan’s bond market after the recent meltdown
by Jason Wong
US and European equities recover after Trump dials down aggression at Davos, ruling out military force to acquire Greenland. US Treasury yields range-bound; some order restored to Japan’s bond market after the recent meltdown
USD dripping or melting
USD broadly weaker. NZD performing unusually well
Weaker risk sentiment on US-EU political tensions; global equities extend losses; US equities down sharply. No safe-haven bid for bonds; Meltdown in Japan's JGB market spills over into other markets. UST yields push higher
by Jason Wong
Weaker risk sentiment on US-EU political tensions; global equities extend losses; US equities down sharply. No safe-haven bid for bonds; Meltdown in Japan's JGB market spills over into other markets. UST yields push higher
NZD outperforms, trending higher
Market reaction modest, so far, to Trump's weekend threats. USD broadly weaker although JPY also weak as new election in Japan confirmed. Equities retreat
by Jason Wong
Market reaction modest, so far, to Trump's weekend threats. USD broadly weaker although JPY also weak as new election in Japan confirmed. Equities retreat
banknotes
Currency moves minor overnight
US equities are notably weaker, dragged down by the tech sector. Softer UK CPI data locks in BoE rate cut tonight. NZ Q3 GDP data today expected to show bounce back after Q2 contraction
by Jason Wong
US equities are notably weaker, dragged down by the tech sector. Softer UK CPI data locks in BoE rate cut tonight. NZ Q3 GDP data today expected to show bounce back after Q2 contraction
rates fall
NZ rates lower in wake of Breman's Monday comments and fiscal update
Mixed US economic data; unemployment rate rises to a four year high of 4.6%; solid core retail sales; weaker PMI but stronger pricing indicators. Little market reaction. Oil prices fall further, down to a four-year low
by Jason Wong
Mixed US economic data; unemployment rate rises to a four year high of 4.6%; solid core retail sales; weaker PMI but stronger pricing indicators. Little market reaction. Oil prices fall further, down to a four-year low
Jerome Powell waiting
Waiting for the Fed at 8am
NZ rates market selloff continued yesterday, with the 5-year swap rate rising to its highest level since March
by Jason Wong
NZ rates market selloff continued yesterday, with the 5-year swap rate rising to its highest level since March
NZ dollar up
NZD/USD trades at a fresh six-week high
Australian rates and the AUD higher after the RBA opened the door to tightening policy from early next year. US job openings much higher than expected, but other metrics in the JOLTS report were less positive
by Jason Wong
Australian rates and the AUD higher after the RBA opened the door to tightening policy from early next year. US job openings much higher than expected, but other metrics in the JOLTS report were less positive
rising graph line
NZ rates market selloff continues, post RBNZ MPS
European rates higher across the curve after hike signal, spilling over into higher US Treasury yields. China's record trade surplus showcases ongoing economic imbalance
by Jason Wong
European rates higher across the curve after hike signal, spilling over into higher US Treasury yields. China's record trade surplus showcases ongoing economic imbalance
NYSE trading floor
NZ GDP partials point to solid Q3 bounce-back
US initial jobless claims fall brings modest upside pressure on global rates. Currency movements modest; signs of the PBoC pushing against yuan strength. Stronger Australian data boosts odds the RBA might need to raise rates
by Jason Wong
US initial jobless claims fall brings modest upside pressure on global rates. Currency movements modest; signs of the PBoC pushing against yuan strength. Stronger Australian data boosts odds the RBA might need to raise rates
USD falls
NZ rates dip, ending the post RBNZ MPS shake-out
US ADP private payrolls fell 32k in November, solidifying market expectations for a Fed rate cut next week. US Treasury yields down a touch; US equities up slightly. USD DXY index down for an eighth successive day
by Jason Wong
US ADP private payrolls fell 32k in November, solidifying market expectations for a Fed rate cut next week. US Treasury yields down a touch; US equities up slightly. USD DXY index down for an eighth successive day
Global reshaping
Global forces lift NZGB yields, especially at the long end
Markets movements have been modest across equities, rates and currencies. Japan's 10-year JGB auction drew solid demand, a relief to the market; rising expectations of a BoJ rate hike have done little to support the yen
by Jason Wong
Markets movements have been modest across equities, rates and currencies. Japan's 10-year JGB auction drew solid demand, a relief to the market; rising expectations of a BoJ rate hike have done little to support the yen
NYSE trading floor
NZD outperforms, higher on all the key crosses
US Thanksgiving holiday brings quiet markets. NZ rates higher yesterday in the aftermath of Wednesday's RBNZ MPS, some much stronger NZ data and angst over a possible wave of mortgage fixing
by Jason Wong
US Thanksgiving holiday brings quiet markets. NZ rates higher yesterday in the aftermath of Wednesday's RBNZ MPS, some much stronger NZ data and angst over a possible wave of mortgage fixing
banknotes
The NZD has pushed higher but only against the USD
US data released were soft and there was a report that Trump is most likely to select the most dovish candidate, Hassett, as the next Fed chair. The USD is broadly weaker and the 10-year rate has slipped below 4%
by Jason Wong
US data released were soft and there was a report that Trump is most likely to select the most dovish candidate, Hassett, as the next Fed chair. The USD is broadly weaker and the 10-year rate has slipped below 4%
banknotes
NZ dollar stays low despite higher risk appetite
US equities on track for anther solid gain, backing up Friday's rally, with big tech leading the charge. Another Fed voter supports a December rate cut taking chance to 70%
by Jason Wong
US equities on track for anther solid gain, backing up Friday's rally, with big tech leading the charge. Another Fed voter supports a December rate cut taking chance to 70%
NYSE trading floor
Commodity currencies weaker overnight, especially the AUD
Big shift in risk sentiment overnight; positive Nvidia morphs into a decent loss. US non-farm payrolls for September rise but unemployment rate rises to four-year high. Oil prices push lower
by Jason Wong
Big shift in risk sentiment overnight; positive Nvidia morphs into a decent loss. US non-farm payrolls for September rise but unemployment rate rises to four-year high. Oil prices push lower
USD rises, JPY falls, NZD suffers downdraft
USD broadly stronger; NZD whacked, trading at seven month low and erasing all its gain through 2025; JPY down to 10-month low. US equities flat ahead of Nvidia's earnings after the close. Oil weaker
by Jason Wong
USD broadly stronger; NZD whacked, trading at seven month low and erasing all its gain through 2025; JPY down to 10-month low. US equities flat ahead of Nvidia's earnings after the close. Oil weaker
Government bond assessment
Very strong demand for NZGB syndicated tap for 2036 bond
US Fed vice-chair Jefferson echoes Powell saying that another cut in December was "not a forgone conclusion". Japanese PM Takaichi to meet BoJ after Japan GDP contracted in Q3
by Jason Wong
US Fed vice-chair Jefferson echoes Powell saying that another cut in December was "not a forgone conclusion". Japanese PM Takaichi to meet BoJ after Japan GDP contracted in Q3