Jason Wong

Global equities and bond yields lower; most major currencies haven’t showed a lot of movement; commodity currencies are slightly weaker, except the NZD which has managed to hold its ground, while GBP is the strongest of the majors

Global equities and bond yields lower; most major currencies haven’t showed a lot of movement; commodity currencies are slightly weaker, except the NZD which has managed to hold its ground, while GBP is the strongest of the majors

NZD has tracked sideways overnight after drifting lower during the Wellington public holiday; IMF downgraded its growth forecasts for 2019 to 3.5%; GBP has been the strongest major overnight

NZD has tracked sideways overnight after drifting lower during the Wellington public holiday; IMF downgraded its growth forecasts for 2019 to 3.5%; GBP has been the strongest major overnight

BNZ now sees a strengthening NZD in 2019 as our terms of trade turn more positive and recent data suggests a recovery is underway. But a biting trade war could unstitch this view

BNZ now sees a strengthening NZD in 2019 as our terms of trade turn more positive and recent data suggests a recovery is underway. But a biting trade war could unstitch this view

Fed’s Powell reiterates “patience” message. Market movements modest. NZD little changed

Fed’s Powell reiterates “patience” message. Market movements modest. NZD little changed

Increased optimism of a China:US trade deal. More Fed speakers signal 'patience'. Greenback weakens as oil prices rise +4%. Bond traders see Fed on hold for an extended period

Increased optimism of a China:US trade deal. More Fed speakers signal 'patience'. Greenback weakens as oil prices rise +4%. Bond traders see Fed on hold for an extended period

BNZ's Jason Wong reviews the market moves since Christmas, putting the illiquid trading and other bumpy events in perspective, to show how we got here from there

BNZ's Jason Wong reviews the market moves since Christmas, putting the illiquid trading and other bumpy events in perspective, to show how we got here from there

Global equity markets are sinking deeper into the red, the US yield curve flattens further and the USD has weakened overnight, reversing some of its post-Fed gains yesterday; NZD is higher in overnight trading but still 1% down since this time yesterday

Global equity markets are sinking deeper into the red, the US yield curve flattens further and the USD has weakened overnight, reversing some of its post-Fed gains yesterday; NZD is higher in overnight trading but still 1% down since this time yesterday

USD has drifted a little lower ahead of the FOMC announcement as has the US 10-year rate; NZD is little changed; AUD is little changed as well, seeing NZD/AUD steady around 0.9550; NZ 5 and 10-year swap rates fell by 2bps to 2.32% and 2.74% respectively

USD has drifted a little lower ahead of the FOMC announcement as has the US 10-year rate; NZD is little changed; AUD is little changed as well, seeing NZD/AUD steady around 0.9550; NZ 5 and 10-year swap rates fell by 2bps to 2.32% and 2.74% respectively

After a couple of big daily falls US equities are up 0.8-1.2%; US bonds have rallied a little ahead of the US FOMC announcement tomorrow; CAD is softer as oil prices continue to fall, while the NZD has sustained the gains it saw in local trading yesterday

After a couple of big daily falls US equities are up 0.8-1.2%; US bonds have rallied a little ahead of the US FOMC announcement tomorrow; CAD is softer as oil prices continue to fall, while the NZD has sustained the gains it saw in local trading yesterday

Safe-haven currencies like JPY and CHF outperform; commodity currencies have underperformed; global equity markets are a lot lower, while US 10 year rates are down to a fresh 3-month low

Safe-haven currencies like JPY and CHF outperform; commodity currencies have underperformed; global equity markets are a lot lower, while US 10 year rates are down to a fresh 3-month low

AUD and CAD are the weakest performers; GBP is better bid after a poor run recently; S&P futures are up 0.6%; NZ’s generic 10-year government bond yield closed at 2.47%, its lowest level in over two years

AUD and CAD are the weakest performers; GBP is better bid after a poor run recently; S&P futures are up 0.6%; NZ’s generic 10-year government bond yield closed at 2.47%, its lowest level in over two years

Equities and bond yields are lower and, overnight, commodity currencies have drifted lower, while JPY is the best performing major currency; Brexit woes continue to impair GBP

Equities and bond yields are lower and, overnight, commodity currencies have drifted lower, while JPY is the best performing major currency; Brexit woes continue to impair GBP

Equity markets rise and commodity currencies outperform; US 10 year rates opened higher, but have fallen away to be little changed just under 3%; NZD has held onto the gains

Equity markets rise and commodity currencies outperform; US 10 year rates opened higher, but have fallen away to be little changed just under 3%; NZD has held onto the gains

US equities were stronger, US rates were lower, while the NZD closed near its recent highs; Oil prices fell by around 1% after data showed that US oil production surged to a record high in September

US equities were stronger, US rates were lower, while the NZD closed near its recent highs; Oil prices fell by around 1% after data showed that US oil production surged to a record high in September

NZD sits this morning around 0.6850; US equities are modestly lower through the morning session, while the US 10-year rate is back near the NZ close of 3.03% after earlier breaking below 3%; NZ government rates were 4-5bps lower

NZD sits this morning around 0.6850; US equities are modestly lower through the morning session, while the US 10-year rate is back near the NZ close of 3.03% after earlier breaking below 3%; NZ government rates were 4-5bps lower

The only notable movement has been strength in GBP; NZD was modestly weaker in local trading yesterday and has sustained that move overnight; NZ rates were down slightly across the curve yesterday

The only notable movement has been strength in GBP; NZD was modestly weaker in local trading yesterday and has sustained that move overnight; NZ rates were down slightly across the curve yesterday

Global equities higher, global rates rise modestly and commodity currencies are supported; bounce in oil prices is interesting considering the stream of negative headlines; NZD and AUD have been the best performing

Global equities higher, global rates rise modestly and commodity currencies are supported; bounce in oil prices is interesting considering the stream of negative headlines; NZD and AUD have been the best performing

USD and US Treasury yields fell after comments from Fed Chair Clarida were interpreted as dovish; that helped the NZD to continue to power on up; AUD closed the week around 0.7330

USD and US Treasury yields fell after comments from Fed Chair Clarida were interpreted as dovish; that helped the NZD to continue to power on up; AUD closed the week around 0.7330

GBP trashed again and UK gilt yields plunging, dragging down US Treasury yields; US equities are now back to square; NZD continues to perform well, making further gains overnight

GBP trashed again and UK gilt yields plunging, dragging down US Treasury yields; US equities are now back to square; NZD continues to perform well, making further gains overnight

US-China trade talks and a Brexit deal have supported risk currencies like the NZD; GBP has been the top performer; US Treasury yields haven’t responded to the better risk backdrop

US-China trade talks and a Brexit deal have supported risk currencies like the NZD; GBP has been the top performer; US Treasury yields haven’t responded to the better risk backdrop

US equities are flat and US Treasury rates are little changed; NZD sits this morning at 0.6780; the local 2-year swap rate rose by 3bps to a fresh high of 2.19%, while the 5-10 year swap rates were up 6bps

US equities are flat and US Treasury rates are little changed; NZD sits this morning at 0.6780; the local 2-year swap rate rose by 3bps to a fresh high of 2.19%, while the 5-10 year swap rates were up 6bps

USD is modestly softer across the board; US Treasury yields are down slightly; NZD has been the star performer following the surprising strength in labour market data yesterday

USD is modestly softer across the board; US Treasury yields are down slightly; NZD has been the star performer following the surprising strength in labour market data yesterday

GBP has shown another modest gain to make it the strongest currency; US equities and Treasury rates are slightly higher; NZD sits this morning at 0.6670, about 10pips higher than this time yesterday

GBP has shown another modest gain to make it the strongest currency; US equities and Treasury rates are slightly higher; NZD sits this morning at 0.6670, about 10pips higher than this time yesterday

Currency movements have been small apart from GBP which has swung around on Brexit headlines; US rates are slightly lower; NZD crosses are fairly flat

Currency movements have been small apart from GBP which has swung around on Brexit headlines; US rates are slightly lower; NZD crosses are fairly flat

US equities had another rough day, sending US Treasury rates lower, while JPY was the strongest of the majors; NZD saw a couple of forces on Friday, with the net result being little change after a temporary shunt downwards

US equities had another rough day, sending US Treasury rates lower, while JPY was the strongest of the majors; NZD saw a couple of forces on Friday, with the net result being little change after a temporary shunt downwards