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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 8 months

Latest articles

NZD hovers around the 72 USc mark
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
by Jason Wong
8
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
NZD under pressure from higher US interest rates
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
by Jason Wong
2
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
NZD tests 0.72 on way down
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
by Jason Wong
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
NZD/AUD and NZD/GBP push lower
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
by Jason Wong
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
The AUD rise pushes the NZD/AUD down
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
by Jason Wong
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
NZD stays in tight range
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
by Jason Wong
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
NZD a notable underperformer
Soft US core CPI data supports US Treasuries. Dovish Riksbank ... playbook for RBNZ later this month? Small currency movements, but NZD underperforms slightly again
by Jason Wong
Soft US core CPI data supports US Treasuries. Dovish Riksbank ... playbook for RBNZ later this month? Small currency movements, but NZD underperforms slightly again
NZD can't overcome broad based USD weakness
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
by Jason Wong
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
NZD up yesterday, slips today
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
by Jason Wong
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
Aussie dollar falls on RBA moves
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
by Jason Wong
1
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
NZD well supported
Positive vaccine and economic news Friday night, but equities slump and VIX surges on US equity market shenanigans. Other markets unperturbed. Global rates push higher. RBNZ to taper asset purchases this week
by Jason Wong
Positive vaccine and economic news Friday night, but equities slump and VIX surges on US equity market shenanigans. Other markets unperturbed. Global rates push higher. RBNZ to taper asset purchases this week
The NZD dips, then makes a nice recovery
Restrictions on retail trading platforms restore market confidence. US GDP up 4%; US jobless claims fall back. US equities up 2%, UST10s higher after going sub-1%. NZD and AUD show decent bounce-backs
by Jason Wong
2
Restrictions on retail trading platforms restore market confidence. US GDP up 4%; US jobless claims fall back. US equities up 2%, UST10s higher after going sub-1%. NZD and AUD show decent bounce-backs
A softer USD raises the NZD
Risk sentiment swings around overnight. Fresh S&P500 high gives way to flat result. NZD lower after printing above 0.7220. Stronger US data; No surprises from ECB or BoJ
by Jason Wong
Risk sentiment swings around overnight. Fresh S&P500 high gives way to flat result. NZD lower after printing above 0.7220. Stronger US data; No surprises from ECB or BoJ
The NZD gains ½c overnight
Risk sentiment higher as Biden sworn in as President. US equities print fresh record highs. Commodity currencies outperform; NZD up 0.5% overnight. No concern, yet, of small outbreak of COVID-19 in China
by Jason Wong
Risk sentiment higher as Biden sworn in as President. US equities print fresh record highs. Commodity currencies outperform; NZD up 0.5% overnight. No concern, yet, of small outbreak of COVID-19 in China
Commodity currencies out of favour
Commodity currencies underperform; NZD dips below 0.71. Large speculative positioning against USD, with story of further weakness remaining compelling. US markets closed. S&P 500 futures slightly higher
by Jason Wong
Commodity currencies underperform; NZD dips below 0.71. Large speculative positioning against USD, with story of further weakness remaining compelling. US markets closed. S&P 500 futures slightly higher
NZD underperforms
Risk sentiment sours on new European travel restrictions. US equities trying to recover after a 2% fall early on. USD stronger, but sharp reversal overnight. NZD falls almost to 0.70 before recovering back towards 0.71
by Jason Wong
1
Risk sentiment sours on new European travel restrictions. US equities trying to recover after a 2% fall early on. USD stronger, but sharp reversal overnight. NZD falls almost to 0.70 before recovering back towards 0.71
NZD rises, aided by Robertson comments
Risk sentiment higher as US fiscal stimulus package imminent. USD under the pump, with losses sustained after soft US data. Strong NZ data promotes further lift and steepening in domestic rates curve
by Jason Wong
Risk sentiment higher as US fiscal stimulus package imminent. USD under the pump, with losses sustained after soft US data. Strong NZ data promotes further lift and steepening in domestic rates curve
NZD stronger post fiscal update - touches new high - but falls back
US fiscal stimulus deal looks imminent. EU-UK trade deal on the right track as well. US retail sales very weak. Euro-area PMIs positively surprise. Markets subdued ahead of US FOMC announcement
by Jason Wong
US fiscal stimulus deal looks imminent. EU-UK trade deal on the right track as well. US retail sales very weak. Euro-area PMIs positively surprise. Markets subdued ahead of US FOMC announcement
The NZD can't breach 71 USc
Positive vibe on US fiscal package, Brexit and vaccines help lift US equities. USD under pressure again. NZD still seeing resistance around 0.71. NZD/AUD slipping
by Jason Wong
Positive vibe on US fiscal package, Brexit and vaccines help lift US equities. USD under pressure again. NZD still seeing resistance around 0.71. NZD/AUD slipping
NZD has tailwind
GBP weaker as odds on no UK-EU trade deal increase. Higher US inflation, poor jobless claims figures. ECB extends bond-buying program to little fanfare. Commodity currencies outperform, AUD up through 0.75 
by Jason Wong
GBP weaker as odds on no UK-EU trade deal increase. Higher US inflation, poor jobless claims figures. ECB extends bond-buying program to little fanfare. Commodity currencies outperform, AUD up through 0.75 
AUD responds to Aussie improvements
Little progress on US fiscal stimulus talks. UK PM Johnson heads to dinner to help restart Brexit negotiations. USD recovers a little. AUD a notable outperformer
by Jason Wong
Little progress on US fiscal stimulus talks. UK PM Johnson heads to dinner to help restart Brexit negotiations. USD recovers a little. AUD a notable outperformer
The NZD continues to push higher
Quiet night; Little progress on US fiscal negotiations or Brexit talks. Equities show small gains. UST 10-year down slightly. NZD treads water around 0.7040 with little movement elsewhere
by Jason Wong
Quiet night; Little progress on US fiscal negotiations or Brexit talks. Equities show small gains. UST 10-year down slightly. NZD treads water around 0.7040 with little movement elsewhere
NZD weaker overnight on all the key crosses
US equities up modestly but reach a fresh record high taking an optimistic view of the news. USD remains under significant pressure. NZD underperforms but still breaks 0.71 overnight
by Jason Wong
US equities up modestly but reach a fresh record high taking an optimistic view of the news. USD remains under significant pressure. NZD underperforms but still breaks 0.71 overnight
NZD settles back to early Wednesday levels
Flat US equities after yesterday's record high. US 10-year rate pushes higher. GBP under pressure as trade deal no guarantee. NZD prints fresh high before paring gains and underperforms AUD
by Jason Wong
Flat US equities after yesterday's record high. US 10-year rate pushes higher. GBP under pressure as trade deal no guarantee. NZD prints fresh high before paring gains and underperforms AUD
NZD strong despite month-end pullback
Month-end flows a factor in overnight moves. US equities weaker after a huge month. USD stronger after a poor month. NZD lower after printing a fresh 2½-year high
by Jason Wong
3
Month-end flows a factor in overnight moves. US equities weaker after a huge month. USD stronger after a poor month. NZD lower after printing a fresh 2½-year high