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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

8 years 2 months

Latest articles

Waiting for the Govt to wind up its spending machine
NZ-US 10-year bond spread down to 34 bps, the lowest since 1993. UST 10yr up to 2.42% but volatility lowest since 1979
1st Dec 17, 8:58am
by Jason Wong
NZ-US 10-year bond spread down to 34 bps, the lowest since 1993. UST 10yr up to 2.42% but volatility lowest since 1979
NZD falls on weak business confidence
NZD is about 0.7% weaker than it was this time yesterday, trading at 0.6840 USD; EUR and GBP have outperformed; month-end flows seem to be dominating USD moves
1st Dec 17, 8:06am
by Jason Wong
NZD is about 0.7% weaker than it was this time yesterday, trading at 0.6840 USD; EUR and GBP have outperformed; month-end flows seem to be dominating USD moves
GBP and global rates up
GBP is up 0.8% to 1.3445 USD on promising Brexit talks; in the bond markets, yields are up across the board; NZD is around where it closed the local session at 0.6890 USD; local swap rates down 2-3bps
30th Nov 17, 7:52am
by Jason Wong
GBP is up 0.8% to 1.3445 USD on promising Brexit talks; in the bond markets, yields are up across the board; NZD is around where it closed the local session at 0.6890 USD; local swap rates down 2-3bps
USD recovers a little, UST yields slightly lower
NZD holds the top performing spot for the second day in a row, trading at 0.6925 USD; USD TWI majors index is up 0.3%; UST 2-year rate is flat, while the 10yr rate is down 1bp to 2.32%; local yields were 1 bp lower across the curve
29th Nov 17, 8:15am
by Jason Wong
NZD holds the top performing spot for the second day in a row, trading at 0.6925 USD; USD TWI majors index is up 0.3%; UST 2-year rate is flat, while the 10yr rate is down 1bp to 2.32%; local yields were 1 bp lower across the curve
US flattens, NZ steepens
US yields flatten further but NZ rates perk up at the long end. Powell faces confirmation hearings with pressure to wind back GFC reforms
28th Nov 17, 8:45am
by Jason Wong
US yields flatten further but NZ rates perk up at the long end. Powell faces confirmation hearings with pressure to wind back GFC reforms
NZD outperforms
NZD up 0.5%, trading at 0.6910 USD after reaching a high of 0.6926 this morning; the gain is broadly based, except against the JPY, which was the other outperformer
28th Nov 17, 8:05am
by Jason Wong
NZD up 0.5%, trading at 0.6910 USD after reaching a high of 0.6926 this morning; the gain is broadly based, except against the JPY, which was the other outperformer
USD continued to drift lower, UST rates up
EUR was the best performer, rising 0.7% to 1.1935 USD; stronger euro spilled over into other European currencies, including GBP; NZD remained tightly range-bound and the ended the week around 0.6880 USD; US Treasury rates rose by 2bps across the curve
27th Nov 17, 8:01am
by Jason Wong
EUR was the best performer, rising 0.7% to 1.1935 USD; stronger euro spilled over into other European currencies, including GBP; NZD remained tightly range-bound and the ended the week around 0.6880 USD; US Treasury rates rose by 2bps across the curve
USD weaker, UST and local yields slightly lower
USD has sustained the fall seen post the slightly dovish FOMC minutes yesterday; weaker USD saw the NZD push higher, peaking at 0.6905; EUR also pushed up to the 1.1850 USD mark; local yield curve saw some slight downward pressure on rates
24th Nov 17, 8:07am
by Jason Wong
USD has sustained the fall seen post the slightly dovish FOMC minutes yesterday; weaker USD saw the NZD push higher, peaking at 0.6905; EUR also pushed up to the 1.1850 USD mark; local yield curve saw some slight downward pressure on rates
USD and UST yields lower
USD has struggled and is the biggest loser; US equities are flat around record highs while UST yields are down slightly; NZD up to 0.6860 USD and has managed to hold its ground on all the key major crosses; NZ bond market continues to be well supported
23rd Nov 17, 7:44am
by Jason Wong
USD has struggled and is the biggest loser; US equities are flat around record highs while UST yields are down slightly; NZD up to 0.6860 USD and has managed to hold its ground on all the key major crosses; NZ bond market continues to be well supported
Local risk-free rates below OCR
US yields flatten. NZ 90 day bank bill rate hits record low. Domestic liquidity conditions very 'easy'. Lower rates loom as loan demand softens
20th Nov 17, 8:03am
by Jason Wong
US yields flatten. NZ 90 day bank bill rate hits record low. Domestic liquidity conditions very 'easy'. Lower rates loom as loan demand softens
NZD underperforms
Commodity currencies, including the NZD, underperformed on Friday; NZD was down against all key crosses, making fresh lows against the EUR and GBP; JPY was the best performing major
20th Nov 17, 7:52am
by Jason Wong
Commodity currencies, including the NZD, underperformed on Friday; NZD was down against all key crosses, making fresh lows against the EUR and GBP; JPY was the best performing major
Bear market risk averted
NZD sits at 0.6860 USD after testing support at 0.6820-0.6840; equities rebound after five consecutive daily falls; UST rates 2-3 bps higher across the curve; local swap rates lower at the long end
17th Nov 17, 7:56am
by Jason Wong
NZD sits at 0.6860 USD after testing support at 0.6820-0.6840; equities rebound after five consecutive daily falls; UST rates 2-3 bps higher across the curve; local swap rates lower at the long end
Risk-off tone remains evident
NZD remains steady at around 0.6875 USD after rising to 0.6920 last evening on the back of USD weakness; UST 10yr yields fell to 2.32% before CPI data helped it get back to 2.34%; lower global rates placed downward pressure on the local swap curve
16th Nov 17, 7:42am
by Jason Wong
NZD remains steady at around 0.6875 USD after rising to 0.6920 last evening on the back of USD weakness; UST 10yr yields fell to 2.32% before CPI data helped it get back to 2.34%; lower global rates placed downward pressure on the local swap curve
USTs in bear steepening
US rates follow EU rates higher, with UST10yr back at 2.40%. NZ bond markets settles. Eyes on US CPI.
13th Nov 17, 7:55am
by Jason Wong
US rates follow EU rates higher, with UST10yr back at 2.40%. NZ bond markets settles. Eyes on US CPI.
Local markets active after RBNZ MPS
Long end yields rise sharply after MPS adds to surprise DMO delay earlier. More rises not expected. Focus shifts to Aussie MPS
10th Nov 17, 8:17am
by Jason Wong
Long end yields rise sharply after MPS adds to surprise DMO delay earlier. More rises not expected. Focus shifts to Aussie MPS
Risk appetite lower
NZD lifted from its pre-MPS level of 0.6925 to 0.6970 during the RBNZ press conference and has held up well since then; RBNZ significantly revised upwards its CPI inflation track; USD is slightly weaker on tax bill negotiations
10th Nov 17, 8:00am
by Jason Wong
NZD lifted from its pre-MPS level of 0.6925 to 0.6970 during the RBNZ press conference and has held up well since then; RBNZ significantly revised upwards its CPI inflation track; USD is slightly weaker on tax bill negotiations
Currencies remain tightly range-bound, rates barely budged
NZD continues to hover in the low 0.69s; Republicans debate their tax bill; RBNZ’s MPS at 9am this morning could well stir the market; GBP is on the soft side; 10-year Treasuries have traded in a 2bps range; local swap rates flat to slightly down
9th Nov 17, 7:27am
by Jason Wong
NZD continues to hover in the low 0.69s; Republicans debate their tax bill; RBNZ’s MPS at 9am this morning could well stir the market; GBP is on the soft side; 10-year Treasuries have traded in a 2bps range; local swap rates flat to slightly down
Commodity currencies struggle
NZD found support after unchanged Policy Targets Agreement. UST curve flattens. Local yields snap back after DMO 'shock'. Higher local inflationary pressure developing
8th Nov 17, 7:55am
by Jason Wong
NZD found support after unchanged Policy Targets Agreement. UST curve flattens. Local yields snap back after DMO 'shock'. Higher local inflationary pressure developing
Oil prices surge, currencies hold, interest rates slip
Crude at two-year high after Saudi purge. Short squeeze sees bund yields slip. DMO delay 'shocks' traders, causes NZD to fall. Reaction causes bond yields to fall
7th Nov 17, 8:16am
by Jason Wong
1
Crude at two-year high after Saudi purge. Short squeeze sees bund yields slip. DMO delay 'shocks' traders, causes NZD to fall. Reaction causes bond yields to fall
NZD mixed, rates curve flatter
NZD closed the day slightly weaker, near 0.6910 USD, having twice met resistance around 0.6950; NZDAUD rose 0.7% for the day to 0.9030; US 10-year rate ended at 2.33%, down 1bp from the NZ close; NZ rate curve flattened on Friday
6th Nov 17, 7:57am
by Jason Wong
NZD closed the day slightly weaker, near 0.6910 USD, having twice met resistance around 0.6950; NZDAUD rose 0.7% for the day to 0.9030; US 10-year rate ended at 2.33%, down 1bp from the NZ close; NZ rate curve flattened on Friday
USD checked, UST yields lower
The US tax bill was viewed by the market as underwhelming, UST 10yr nudged down to 2.34-2.35%; NZD trades at 0.6920 USD after seeing some resistance at 0.6930-0.6940; global forces have pushed local rates down, 10yr swap down 3bps to 3.15%
3rd Nov 17, 8:24am
by Jason Wong
The US tax bill was viewed by the market as underwhelming, UST 10yr nudged down to 2.34-2.35%; NZD trades at 0.6920 USD after seeing some resistance at 0.6930-0.6940; global forces have pushed local rates down, 10yr swap down 3bps to 3.15%
Local rates in modest rise on good jobs data
US bond market waiting on tax bill, Fed chair nomination, after UST refunding details sent rates lower. BofE also in spotlight
2nd Nov 17, 8:04am
by Jason Wong
US bond market waiting on tax bill, Fed chair nomination, after UST refunding details sent rates lower. BofE also in spotlight
NZD outperforms
NZD rose after strong employment data and sustained that increase; FOMC Statement was very similar to the September version, with the changes largely a result of tweaks to language around the Hurricanes; NZDAUD met some resistance around 0.9020
2nd Nov 17, 7:46am
by Jason Wong
NZD rose after strong employment data and sustained that increase; FOMC Statement was very similar to the September version, with the changes largely a result of tweaks to language around the Hurricanes; NZDAUD met some resistance around 0.9020
Hot US data leaves markets unmoved
Local data expected to influence next weeks RBNZ MPS which may be looking at an earlier start to higher inflation. US markets ignore data, focusing instead on prospects for US tax 'reform'
1st Nov 17, 8:07am
by Jason Wong
1
Local data expected to influence next weeks RBNZ MPS which may be looking at an earlier start to higher inflation. US markets ignore data, focusing instead on prospects for US tax 'reform'
Commodity currencies underperform
NZD is down 0.5% from this time yesterday to 0.6835 USD; soft China PMI data added to the woes of the NZD and dragged down the AUD as well; euro-area economic data showed a strong economy but weak inflation
1st Nov 17, 7:33am
by Jason Wong
NZD is down 0.5% from this time yesterday to 0.6835 USD; soft China PMI data added to the woes of the NZD and dragged down the AUD as well; euro-area economic data showed a strong economy but weak inflation
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