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

USD is stronger across the board, UST yields remain steady

ECB to halve its bond purchase program to €30 bln in January, EUR weaker and European rate lower on the day; NZD continued lower trend on stronger USD; long dated local swap rates rise a touch

27th Oct 17, 8:02am

by Jason Wong

ECB to halve its bond purchase program to €30 bln in January, EUR weaker and European rate lower on the day; NZD continued lower trend on stronger USD; long dated local swap rates rise a touch

'No reason for concern'

Local swap rates little changed after being pulled by opposing forces, higher US rates and lower Australian rates. But markets price in higher long-term inflation to inflation-adjusted bonds

26th Oct 17, 8:04am

by Jason Wong

Local swap rates little changed after being pulled by opposing forces, higher US rates and lower Australian rates. But markets price in higher long-term inflation to inflation-adjusted bonds

NZD continues along its weaker trend

NZD down to 0.6875 USD but up against the AUD and CAD; Australian CPI data was below expectations, triggering a weaker AUD; EUR supported by German business confidence indicators reaching all-time highs

26th Oct 17, 7:57am

by Jason Wong

NZD underperforms, local rates stable

NZD has been the standout performer down 1% to sub-0.69 and near its lows for the session; local swap curve showed rates flat to down 1bp; US 10-year rate nudges higher to 2.41%, past what many consider to be a key technical resistance level of 2.40%

25th Oct 17, 8:15am

by Jason Wong

Higher inflation expectations

The market’s interpretation of the new government is lower real rates consistent with a softer economy, but higher inflation and more tolerance for higher inflation, with an implied delay to any RBNZ rate hikes

24th Oct 17, 8:11am

by Jason Wong

NZD consolidates

NZD is showing signs of forming a base after its initial swoon following the formation of a new government; USD has managed to hold onto gains seen since Friday; GBP has been supported over the past couple of trading sessions

24th Oct 17, 8:00am

by Jason Wong

Policy mix change impact

Change of Government expected to bring higher inflation expectations, increased debt issuance and an added risk premium for a steeper curve from here

20th Oct 17, 8:01am

by Jason Wong

Change of Government expected to bring higher inflation expectations, increased debt issuance and an added risk premium for a steeper curve from here

NZD lower on Labour government news

NZD significantly lower, down between 1.5% and 2.3% on all crosses, trading as low as 0.7012 USD and 0.8910 AUD; globally a slightly risk-off tone has enveloped the markets overnight

20th Oct 17, 7:43am

by Jason Wong

NZD significantly lower, down between 1.5% and 2.3% on all crosses, trading as low as 0.7012 USD and 0.8910 AUD; globally a slightly risk-off tone has enveloped the markets overnight

Equities hit fresh highs, rates stay calm

NZD modestly weaker on dairy auction, Government announcement. Market yawns at China speech. ECB taper to be 'drawn out'. Global bond rates push higher

19th Oct 17, 8:00am

by Jason Wong

NZD modestly weaker on dairy auction, Government announcement. Market yawns at China speech. ECB taper to be 'drawn out'. Global bond rates push higher

Low volatility, small price changes

USD up on all key crosses, up 0.25% on the TWI majors index; UST 10yr yields traded up to 2.32% before settling just above 2.30%; NZD little changed after trading a 50 point range; strong CPI data put upwards pressure on local rates

18th Oct 17, 7:47am

by Jason Wong

Is inflation tracking ahead of RBNZ projections?

NZ rates followed the US rates down from Friday, but US rates turned up today. EU rates lower. Eyes now on NZ CPI and next dairy auction

17th Oct 17, 8:05am

by Jason Wong

NZ rates followed the US rates down from Friday, but US rates turned up today. EU rates lower. Eyes now on NZ CPI and next dairy auction

Currencies tightly bound

Spot rates within 0.1% of last week's close against the USD, except for a softer CAD and AUD; NZD stuck in a range between 0.7165 and 0.7195 USD; GBP saw a little bit of volatility, up a bit as PM May heads to Brussels

17th Oct 17, 8:00am

by Jason Wong

Mixed signals from the US

US data shows inflation lower than expected, retail sales and confidence higher. Yellen expects inflation to move higher; not everyone agrees. USD falls, then recovers. NZD ready for political risk reaction

16th Oct 17, 7:48am

by Jason Wong

UST 10yr yields slightly lower

UST 10yr yields trading at 2.34%, about 2 bps lower than the NZ close; local rates market was quiet yesterday, with rates down 1-2 bps across the swaps and government curves, driven by global forces

12th Oct 17, 8:00am

by Jason Wong

UST 10yr yields trading at 2.34%, about 2 bps lower than the NZ close; local rates market was quiet yesterday, with rates down 1-2 bps across the swaps and government curves, driven by global forces

NZD opens at 0.7075 USD

NZD tracks sideways after 8 consecutive days of falling; EUR continued to show signs of modest recovery; US Fed minutes show that participants are concerned that low inflation readings may be due to persistent factors

12th Oct 17, 7:53am

by Jason Wong

NZD below 0.7100 USD, local yields 1-2 bps higher

NZD closed the week at 0.7090 USD, after falling to a low 0.7059; market pricing in an 80% chance of a Fed rate hike in December, after a strong US employment report; UST 10yr yields were 1 bp higher relative to NZ close

9th Oct 17, 8:05am

by Jason Wong

Weak Aussie retail hits NZ swaps

UST 10yr rises to 2.35% on Fed talk. Eyes on US NFPs. Aussie retail hits local swap rates. Markets not worried even if National loses up to two seats in final election count

6th Oct 17, 8:00am

by Jason Wong

UST 10yr rises to 2.35% on Fed talk. Eyes on US NFPs. Aussie retail hits local swap rates. Markets not worried even if National loses up to two seats in final election count

USD recovery reignites

USD has made broadly based gains as some clouds overhang other currencies; AUD was hit yesterday after much weaker than expected retail sales data; fall in the NZD to below 0.7120 reflects the combination of USD strength and some spillover from a soft AUD

6th Oct 17, 7:49am

by Jason Wong

All quiet ahead of the US NFPs

Lower global rates weigh on NZ swaps. German rates slip. US data strong and Fed leadership speculation rises

5th Oct 17, 8:12am

by Jason Wong

Lower global rates weigh on NZ swaps. German rates slip. US data strong and Fed leadership speculation rises

NZD stable

NZD trading around the 0.7160 USD level; broad-based USD weakness was seen during the local trading session; AUD has slightly outperformed, which sees NZDAUD down slightly at 0.9120

5th Oct 17, 7:53am

by Jason Wong

NZD trading around the 0.7160 USD level; broad-based USD weakness was seen during the local trading session; AUD has slightly outperformed, which sees NZDAUD down slightly at 0.9120

Flat to slightly lower yields expected

Fed Chair position in play, UST yields slightly lower with more short positions being added, eyes on ADP employment report

4th Oct 17, 8:01am

by Jason Wong

Fed Chair position in play, UST yields slightly lower with more short positions being added, eyes on ADP employment report

NZD underperforms after a weaker than expected dairy auction

NZD has traded in a tight 0.7150-0.7250 USD range for much of the past week and currently sits near the bottom of that range; NZDAUD dropped to around 0.9140; GBP was on the soft side

4th Oct 17, 7:32am

by Jason Wong

NZD has traded in a tight 0.7150-0.7250 USD range for much of the past week and currently sits near the bottom of that range; NZDAUD dropped to around 0.9140; GBP was on the soft side

UST movement mystery

Markets baffled by odd yield tracking. UST yields slip, local swap rates drift up on very low volumes. Attention turns to QSBO, RBA and dairy auction

3rd Oct 17, 8:19am

by Jason Wong

Markets baffled by odd yield tracking. UST yields slip, local swap rates drift up on very low volumes. Attention turns to QSBO, RBA and dairy auction

USD stronger across the board

NZD hovering around the 0.7200 USD level, struggling to make headway against the broadly-based USD recovery; NZDAUD flat around 0.9200; GBP worst performer of the day

3rd Oct 17, 7:54am

by Jason Wong

NZD hovering around the 0.7200 USD level, struggling to make headway against the broadly-based USD recovery; NZDAUD flat around 0.9200; GBP worst performer of the day

UST yields tick higher, currency movements modest

UST 10yr yield ended the week at just over the 2.33% mark, its highest close in five weeks; NZD was flat for most of the day, closing the week around 0.7210 USD; local yield movements modest, with the bond and swap curves not moving more than 1 bp

2nd Oct 17, 7:57am

by Jason Wong