Jason Wong

Safe-haven currencies and the USD outperform, while the AUD hit a fresh low; US equities and the 10-year Treasury rate were little changed; NZD was also on the soft side, NZD/AUD broke up through 0.92 for the first time since the beginning of August

Safe-haven currencies and the USD outperform, while the AUD hit a fresh low; US equities and the 10-year Treasury rate were little changed; NZD was also on the soft side, NZD/AUD broke up through 0.92 for the first time since the beginning of August

NZD is the weakest of the majors, with AUD and CAD underperforming as well; ANZ business outlook survey showed confidence lurching down to a fresh low; global yields are lower

NZD is the weakest of the majors, with AUD and CAD underperforming as well; ANZ business outlook survey showed confidence lurching down to a fresh low; global yields are lower

BNZ's Jason Wong shows that on a long-term fair value basis using purchasing power parities, the NZD is under valued compared to the USD & may stay that way for some time

BNZ's Jason Wong shows that on a long-term fair value basis using purchasing power parities, the NZD is under valued compared to the USD & may stay that way for some time

USD is broadly stronger, recovering some of its losses seen earlier this week; NZD slipped around 30pips to 0.6670; AUD is the weakest of the majors, with political risk overhanging the currency; UST yields are little changed

USD is broadly stronger, recovering some of its losses seen earlier this week; NZD slipped around 30pips to 0.6670; AUD is the weakest of the majors, with political risk overhanging the currency; UST yields are little changed

The NZD has spent the last 24 hours hovering around 0.6700, while US equities and bond markets show little movement; USD is down just 0.1% for the day; NZDAUD shifted up to a higher plane after the retail sales data

The NZD has spent the last 24 hours hovering around 0.6700, while US equities and bond markets show little movement; USD is down just 0.1% for the day; NZDAUD shifted up to a higher plane after the retail sales data

NZD is touching 0.67 amidst a weaker USD backdrop; global rates have drifted higher; AUD rose up through 0.7380 but has slightly underperformed the NZD; GBP and EUR up about 1%

NZD is touching 0.67 amidst a weaker USD backdrop; global rates have drifted higher; AUD rose up through 0.7380 but has slightly underperformed the NZD; GBP and EUR up about 1%

GBP is near the top of the leaderboard; NZD was in a drift-down mode for much of Monday but ended the day flat at 0.6630 on USD weakness; UST yields have drifted lower and the curve shows a slight flattening bias

GBP is near the top of the leaderboard; NZD was in a drift-down mode for much of Monday but ended the day flat at 0.6630 on USD weakness; UST yields have drifted lower and the curve shows a slight flattening bias

USD was the weakest of the majors; US 10-year rate traded in a 3bp range; NZD closed the week on a strong note; CAD’s performance was supported by Canada CPI inflation

USD was the weakest of the majors; US 10-year rate traded in a 3bp range; NZD closed the week on a strong note; CAD’s performance was supported by Canada CPI inflation

NZD is in good company at the bottom of the leaderboard; Yen, Swiss franc and USD have outperformed; Global rates have nudged lower while NZ swap rates reached 2-year lows yesterday

NZD is in good company at the bottom of the leaderboard; Yen, Swiss franc and USD have outperformed; Global rates have nudged lower while NZ swap rates reached 2-year lows yesterday

There has been some mild outperformance of commodity currencies and the yen; GBP remains unloved; US equities are flat and the global rates market shows little change

There has been some mild outperformance of commodity currencies and the yen; GBP remains unloved; US equities are flat and the global rates market shows little change

Chinese yuan dragged the AUD higher but the NZD has been left behind and is flat; S&P500 approaching a fresh high and global bond yields are slightly higher; market volatility remains suppressed

Chinese yuan dragged the AUD higher but the NZD has been left behind and is flat; S&P500 approaching a fresh high and global bond yields are slightly higher; market volatility remains suppressed

The drift lower in the NZD has been against a backdrop of a broadly based, albeit modest, gain in the USD; GBP remains under pressure; UST 10-yr rate is down slightly to 2.93%

The drift lower in the NZD has been against a backdrop of a broadly based, albeit modest, gain in the USD; GBP remains under pressure; UST 10-yr rate is down slightly to 2.93%

CNY weakened to its lowest level in nearly 15 months, with USD/CNY up through 6.89; PBoC raised the reserve requirement on FX forwards trading to 20%; the move supported the NZD and AUD, particularly the latter

CNY weakened to its lowest level in nearly 15 months, with USD/CNY up through 6.89; PBoC raised the reserve requirement on FX forwards trading to 20%; the move supported the NZD and AUD, particularly the latter

Increased focus on trade tensions sees a weaker NZD; AUD has held up slightly better; GBP has also underperformed despite the BoE hiking rates; UST yields have slipped back below the 3% mark

Increased focus on trade tensions sees a weaker NZD; AUD has held up slightly better; GBP has also underperformed despite the BoE hiking rates; UST yields have slipped back below the 3% mark

Yen slightly stronger on slightly lower risk sentiment; NZD and AUD have sustained the small losses seen during local trading hours yesterday; global rates are higher, with some spillover evident from higher JGB yields

Yen slightly stronger on slightly lower risk sentiment; NZD and AUD have sustained the small losses seen during local trading hours yesterday; global rates are higher, with some spillover evident from higher JGB yields

AUD and CAD were supported overnight with the NZD dragging the chain; JPY has remained soft after the more dovish BoJ yesterday; BoJ kept global bond rates in check

AUD and CAD were supported overnight with the NZD dragging the chain; JPY has remained soft after the more dovish BoJ yesterday; BoJ kept global bond rates in check

USD has been the worst performing of the majors for no particular reason; NZD has outperformed its commodity currency counterparts; US 10-year Treasuries nudge up 2bps to currently 2.975%

USD has been the worst performing of the majors for no particular reason; NZD has outperformed its commodity currency counterparts; US 10-year Treasuries nudge up 2bps to currently 2.975%

NZDUSD remains stuck near 0.6840, near where it closed last week; US 10-year Treasuries have traded in a narrow 1.5bp range and currently sit 1bp higher at 2.87%; GBP has remained range-bound

NZDUSD remains stuck near 0.6840, near where it closed last week; US 10-year Treasuries have traded in a narrow 1.5bp range and currently sit 1bp higher at 2.87%; GBP has remained range-bound

AUD has modestly outperformed, while trading in GBP has been whippy, driven by political forces; US Treasury yields higher; NZD has been out of the spotlight and traded a narrow range

AUD has modestly outperformed, while trading in GBP has been whippy, driven by political forces; US Treasury yields higher; NZD has been out of the spotlight and traded a narrow range

NZD rises on improved risk appetite, but remains vulnerable to trade tiff fallout. UK decides to keep EU regulation on industry and ag. NZ swaps higher across the curve

NZD rises on improved risk appetite, but remains vulnerable to trade tiff fallout. UK decides to keep EU regulation on industry and ag. NZ swaps higher across the curve

Key equity markets are higher; NZD pushed up towards the 0.68 mark overnight where it met some resistance; AUD is flat to slightly lower; US 10-year treasury rates have traded in a 2.82-2.86% range and are flat versus the level at the NZ close

Key equity markets are higher; NZD pushed up towards the 0.68 mark overnight where it met some resistance; AUD is flat to slightly lower; US 10-year treasury rates have traded in a 2.82-2.86% range and are flat versus the level at the NZ close

The fortunes of the NZD remained linked to CNY, with a further recovery to as high as 0.6783 after the reported CNY fix; EUR recovered from a low of 1.1630 and currently sits at 1.665; trade wars continue

The fortunes of the NZD remained linked to CNY, with a further recovery to as high as 0.6783 after the reported CNY fix; EUR recovered from a low of 1.1630 and currently sits at 1.665; trade wars continue

NZD has recovered, helped by a verbal intervention by the PBoC to help support the yuan; US equities and bond yields have moved lower; USD is broadly weaker across the board

NZD has recovered, helped by a verbal intervention by the PBoC to help support the yuan; US equities and bond yields have moved lower; USD is broadly weaker across the board

NZD and AUD dive to fresh lows; despite the negative risk tone, global bond yields remain steady; USD has been the strongest of the majors

NZD and AUD dive to fresh lows; despite the negative risk tone, global bond yields remain steady; USD has been the strongest of the majors

Markets ignore US inflation rise. NZ wholesale rates continue downward bias. US-initiated trade tensions rise so risk remains elevated

Markets ignore US inflation rise. NZ wholesale rates continue downward bias. US-initiated trade tensions rise so risk remains elevated