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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

9 years 10 months

Latest articles

Americans expecting business conditions to worsen at a 6-year high
Impeachment of Trump on the agenda, soft US data sending US equities, US rates and USD lower. AUD and NZD supported by upbeat speech by RBA Governor Lowe, ahead of RBNZ OCR review today
25th Sep 19, 7:53am
by Jason Wong
3
Impeachment of Trump on the agenda, soft US data sending US equities, US rates and USD lower. AUD and NZD supported by upbeat speech by RBA Governor Lowe, ahead of RBNZ OCR review today
Lower European rates have dragged down US Treasury yields
NZD recovers some of last week’s losses. Euro area PMIs lurch down further, dragging down EUR and global rates
24th Sep 19, 7:44am
by Jason Wong
NZD recovers some of last week’s losses. Euro area PMIs lurch down further, dragging down EUR and global rates
NZD suffers collateral damage
US-China trade deal looks as unlikely as ever. NZD and NZ TWI probe fresh 4-year lows. US Treasury yields fall, rounding out another big week
23rd Sep 19, 7:36am
by Jason Wong
1
US-China trade deal looks as unlikely as ever. NZD and NZ TWI probe fresh 4-year lows. US Treasury yields fall, rounding out another big week
NZD doesn't benefit from USD weakness
NZD dragged down by weak a AUD. GBP higher on positive Brexit vibe. US rates nudge lower
20th Sep 19, 7:57am
by Jason Wong
2
NZD dragged down by weak a AUD. GBP higher on positive Brexit vibe. US rates nudge lower
US Fed cut “insurance” against the risks
US Fed seen as more hawkish than market expectations. USD and US rates higher post FOMC announcement and Powell press conference. NZD underperforms ahead of Q2 GDP today
19th Sep 19, 7:57am
by Jason Wong
US Fed seen as more hawkish than market expectations. USD and US rates higher post FOMC announcement and Powell press conference. NZD underperforms ahead of Q2 GDP today
Dislocation in US money markets
Oil prices down over 6% as Saudi production back up. USD reverses course, seeing NZD and AUD recover yesterday’s losses. UST yields lower
18th Sep 19, 7:56am
by Jason Wong
1
Oil prices down over 6% as Saudi production back up. USD reverses course, seeing NZD and AUD recover yesterday’s losses. UST yields lower
Markets focus on impacts of oil attack
Oil prices surge 14%. NZD falls below 0.6350 as safe haven currencies outperform. Global equities and rates push lower
17th Sep 19, 7:46am
by Jason Wong
Oil prices surge 14%. NZD falls below 0.6350 as safe haven currencies outperform. Global equities and rates push lower
NZD inexplicably weak
Global bond rates continue to climb significantly higher. NZD falls, even as yuan and AUD strengthen. GBP up over 1% on soft or delayed Brexit vibe. Oil prices to rise significantly as Saudi oil production facilities attacked
16th Sep 19, 8:09am
by Jason Wong
3
Global bond rates continue to climb significantly higher. NZD falls, even as yuan and AUD strengthen. GBP up over 1% on soft or delayed Brexit vibe. Oil prices to rise significantly as Saudi oil production facilities attacked
Chunky gains after positive trade signals and better data
The NZD and AUD have sustained their gains, while GBP continues its recovery on Brexit optimism. A big bond market sell-off, with UST yields up over 10 bps across the curve on trade signals
6th Sep 19, 7:52am
by Jason Wong
The NZD and AUD have sustained their gains, while GBP continues its recovery on Brexit optimism. A big bond market sell-off, with UST yields up over 10 bps across the curve on trade signals
USD weak despite risk-on mood
Risk appetite has improved after the reduction in some geopolitical risks, with better news out of Hong Kong, Italy and the UK. The USD has shown broadly based falls, following the very weak ISM manufacturing report
5th Sep 19, 8:06am
by Jason Wong
Risk appetite has improved after the reduction in some geopolitical risks, with better news out of Hong Kong, Italy and the UK. The USD has shown broadly based falls, following the very weak ISM manufacturing report
Market moving shocker
US equities, rates and the USD are much lower following a weak ISM manufacturing report. The NZD has recovered over half a cent from its low point yesterday afternoon to trade about 0.6325
4th Sep 19, 7:59am
by Jason Wong
6
US equities, rates and the USD are much lower following a weak ISM manufacturing report. The NZD has recovered over half a cent from its low point yesterday afternoon to trade about 0.6325
Weaker outlook for global growth and commodity prices
China takes the US to WTO over tariff actions. Next Brexit move depends on parliamentary vote. NZD holds at its lower level. Eyes on RBA rate decision, then on dairy auction
3rd Sep 19, 7:52am
by Jason Wong
2
China takes the US to WTO over tariff actions. Next Brexit move depends on parliamentary vote. NZD holds at its lower level. Eyes on RBA rate decision, then on dairy auction
NZD hits four-year low
Hedging flow activity more influential than economic data on currencies. US data mixed. EUR under pressure. Canada stars. NZD weaker
2nd Sep 19, 8:08am
by Jason Wong
Hedging flow activity more influential than economic data on currencies. US data mixed. EUR under pressure. Canada stars. NZD weaker
CNY and NZD both under pressure
Markets see State banks coming to the aid of the Chinese currency. The NZD depreciates toward fair value. Eyes now turn to Powell's speech and assessments of his dovishness
23rd Aug 19, 7:52am
by Jason Wong
Markets see State banks coming to the aid of the Chinese currency. The NZD depreciates toward fair value. Eyes now turn to Powell's speech and assessments of his dovishness
NZD slips in listless market
US Fed minutes reveal dissent detail but no real surprises. Watchdog warns on 'unsustainable course' of US budget deficit. Bond rates with small upward bias. Merkel challenges Johnson on Irish border solution
22nd Aug 19, 7:57am
by Jason Wong
1
US Fed minutes reveal dissent detail but no real surprises. Watchdog warns on 'unsustainable course' of US budget deficit. Bond rates with small upward bias. Merkel challenges Johnson on Irish border solution
Europe risk drives markets
The EU's fourth largest economy plunged into political chaos again. EU mulls Brexit position. Global equities fall and global rates reverse. Investors pare positions with sovereign debt
21st Aug 19, 7:53am
by Jason Wong
The EU's fourth largest economy plunged into political chaos again. EU mulls Brexit position. Global equities fall and global rates reverse. Investors pare positions with sovereign debt
NZD drifts down
Temporary US back-track on Huawei and expectations of German fiscal stimulus combine to juice equity prices higher and bond yields higher. US President sharpens attack on the Fed
20th Aug 19, 7:50am
by Jason Wong
Temporary US back-track on Huawei and expectations of German fiscal stimulus combine to juice equity prices higher and bond yields higher. US President sharpens attack on the Fed
Reality check from tweet whipsaws
With nothing positive to happen in the US-China trade war, the NZD will follow the CNY down against the USD to fresh lows, nudged even lower by the OCR cut. We will weaken against the AUD too: BNZ
12th Aug 19, 8:24am
by Jason Wong
1
With nothing positive to happen in the US-China trade war, the NZD will follow the CNY down against the USD to fresh lows, nudged even lower by the OCR cut. We will weaken against the AUD too: BNZ
Trade woes weaken sentiment
Trade retaliation shifts from tariffs to purchasing boycotts. Prospects for resolution dims. UK weakens. Japan growth better than expected. Orr talks up NZ's position
12th Aug 19, 7:35am
by Jason Wong
Trade retaliation shifts from tariffs to purchasing boycotts. Prospects for resolution dims. UK weakens. Japan growth better than expected. Orr talks up NZ's position
China's central bank calms nerves
Market sentiment improves, and both equity and bond yield markets push higher. China's management of their exchange rate cheered by markets. But the NZD faces headwinds as the yuan depreciates
9th Aug 19, 7:50am
by Jason Wong
Market sentiment improves, and both equity and bond yield markets push higher. China's management of their exchange rate cheered by markets. But the NZD faces headwinds as the yuan depreciates
Markets get the jitters
NZD drags the AUD down after surprise RBNZ decision. Global outlook gets negative views in most markets and benchmark interest rates ease further in race to zero or below
8th Aug 19, 7:50am
by Jason Wong
3
NZD drags the AUD down after surprise RBNZ decision. Global outlook gets negative views in most markets and benchmark interest rates ease further in race to zero or below
China's restraint helps risk sentiment
China uses market action to support the yuan after US currency rebuke. US Administration walks back trade hardline. Even dovish Fed members don't want a US rate cut yet. Eyes now on the RBNZ
7th Aug 19, 7:43am
by Jason Wong
2
China uses market action to support the yuan after US currency rebuke. US Administration walks back trade hardline. Even dovish Fed members don't want a US rate cut yet. Eyes now on the RBNZ
US dollar under pressure
Equity markets and US rates in freefall. Trade war concerns dominate and the CNY pushes above 7. The NZD remarkably resilient but downside risks ahead
6th Aug 19, 7:46am
by Jason Wong
Equity markets and US rates in freefall. Trade war concerns dominate and the CNY pushes above 7. The NZD remarkably resilient but downside risks ahead
Huge tariff reverberations
Economic data rendered out-of-date as new US tariffs on China sharply twist market views very negative. Global bond yields fall to record lows. The NZD falls as outlook turns negative, but 'saved' as worse expected from the USD
5th Aug 19, 7:12am
by Jason Wong
Economic data rendered out-of-date as new US tariffs on China sharply twist market views very negative. Global bond yields fall to record lows. The NZD falls as outlook turns negative, but 'saved' as worse expected from the USD
ECB turns even more dovish
ECB signals renewed QE coming soon. US durable goods orders rise in June. Eyes on US Q2 GDP. AUD weaker after dovish RBA speech. More Brexit tensions
26th Jul 19, 9:08am
by Jason Wong
2
ECB signals renewed QE coming soon. US durable goods orders rise in June. Eyes on US Q2 GDP. AUD weaker after dovish RBA speech. More Brexit tensions