Jason Wong

US equities closed the week at a fresh record high, buoyed by the prospect of rate cuts, which kept Treasury yields in check; USD was weaker, seeing the NZD stretch out towards the 0.67 mark

US equities closed the week at a fresh record high, buoyed by the prospect of rate cuts, which kept Treasury yields in check; USD was weaker, seeing the NZD stretch out towards the 0.67 mark

NZD is top of the leaderboard yet again, hitting 0.67, although currency movements have been small ahead of the crucial Trump-Xi meeting tomorrow; US equities are up modestly, while UST yields have trended lower

NZD is top of the leaderboard yet again, hitting 0.67, although currency movements have been small ahead of the crucial Trump-Xi meeting tomorrow; US equities are up modestly, while UST yields have trended lower

NZD tops the leaderboard again, after the RBNZ left rates unchanged and supported by a tailwind for commodity currencies; global rates are higher, with European rates bouncing off record lows

NZD tops the leaderboard again, after the RBNZ left rates unchanged and supported by a tailwind for commodity currencies; global rates are higher, with European rates bouncing off record lows

Despite a risk-off session overnight with equities and global bond rates lower, the NZD has been the best performing of the major currencies, ahead of today’s RBNZ OCR review; AUD has been hovering around the 0.6960 mark

Despite a risk-off session overnight with equities and global bond rates lower, the NZD has been the best performing of the major currencies, ahead of today’s RBNZ OCR review; AUD has been hovering around the 0.6960 mark

USD continues to drift lower, with the commodity currencies showing some of the best, albeit moderate, gains; US equities are flat while global rates have nudged lower, reversing Friday’s move higher

USD continues to drift lower, with the commodity currencies showing some of the best, albeit moderate, gains; US equities are flat while global rates have nudged lower, reversing Friday’s move higher

EUR ended the week on a strong note after better than expected PMI data, which also helped lift rates and drag US Treasury yields higher; NZD and AUD were flat for the day

EUR ended the week on a strong note after better than expected PMI data, which also helped lift rates and drag US Treasury yields higher; NZD and AUD were flat for the day

US equities reached a record high, US Treasury rates slipped below 2% and the USD is under further downward pressure, as the afterglow continues following the Fed’s opening of the door to an easing cycle; NZD’s recovery this week continues

US equities reached a record high, US Treasury rates slipped below 2% and the USD is under further downward pressure, as the afterglow continues following the Fed’s opening of the door to an easing cycle; NZD’s recovery this week continues

Fed members who thought that rate cuts were appropriate this year pleasantly surprised the market, seeing the USD weaken and Treasury yields fall; GBP has been the best performer; NZD is fairly flat on the other crosses

Fed members who thought that rate cuts were appropriate this year pleasantly surprised the market, seeing the USD weaken and Treasury yields fall; GBP has been the best performer; NZD is fairly flat on the other crosses

Net result is a rally in bond and equity markets, stronger risk currencies like the NZD and weaker European currencies; US Treasury yields have pushed lower, although more so at the long end of the curve

Net result is a rally in bond and equity markets, stronger risk currencies like the NZD and weaker European currencies; US Treasury yields have pushed lower, although more so at the long end of the curve

Modest movements in equities, bonds and currency markets; NZD is hovering near the 0.65 mark, while the AUD has slipped overnight to 0.6850; US 10-year Treasury rate has traded a 2.075-2.115% range

Modest movements in equities, bonds and currency markets; NZD is hovering near the 0.65 mark, while the AUD has slipped overnight to 0.6850; US 10-year Treasury rate has traded a 2.075-2.115% range

NZD underperformed and rounded out a bad week; USD was boosted by strong retail sales data; moderate expectations for Fed rate cuts saw curve flattening, alongside a record low in long-term inflation expectations

NZD underperformed and rounded out a bad week; USD was boosted by strong retail sales data; moderate expectations for Fed rate cuts saw curve flattening, alongside a record low in long-term inflation expectations

Prospects that the US economy was heading for recession may trigger the Fed to reverse its previous rate hikes; US equities rose, rates fell and the USD remained under pressure; NZD was one of the better performers

Prospects that the US economy was heading for recession may trigger the Fed to reverse its previous rate hikes; US equities rose, rates fell and the USD remained under pressure; NZD was one of the better performers

US equities rise for their third consecutive day; USD is on the soft side, with EUR leading the way after the ECB didn’t meet the uber-dovish expectations of the market; bond yields have only shown small movements

US equities rise for their third consecutive day; USD is on the soft side, with EUR leading the way after the ECB didn’t meet the uber-dovish expectations of the market; bond yields have only shown small movements

US equities continue to recover after last month’s swoon while US Treasury yields are little changed; USD is recovering some of the losses seen over recent days but the NZD has managed to hold its ground

US equities continue to recover after last month’s swoon while US Treasury yields are little changed; USD is recovering some of the losses seen over recent days but the NZD has managed to hold its ground

US equities have recovered strongly and US rates have jumped higher, reversing some recent price action while the USD dollar remains under pressure; NZD is up to around the 0.6620 mark

US equities have recovered strongly and US rates have jumped higher, reversing some recent price action while the USD dollar remains under pressure; NZD is up to around the 0.6620 mark

Bottom line is that downward pressure remains on global equity markets, global rates and the USD; heavily-shorted EUR is outperforming, up 0.7% to 1.1250; global growth concerns remain forefront

Bottom line is that downward pressure remains on global equity markets, global rates and the USD; heavily-shorted EUR is outperforming, up 0.7% to 1.1250; global growth concerns remain forefront

Market nervous about US-China trade talks; equities and bond yields are lower but the USD is also under a little bit of pressure and shows broadly based losses; NZD recovering towards 0.66 and the AUD towards 0.70

Market nervous about US-China trade talks; equities and bond yields are lower but the USD is also under a little bit of pressure and shows broadly based losses; NZD recovering towards 0.66 and the AUD towards 0.70

US equities modestly positive and US rates slightly higher; NZD has only sustained a small fall after the RBNZ cut rates yesterday; GBP remains soft as hopes for a Brexit deal fade

US equities modestly positive and US rates slightly higher; NZD has only sustained a small fall after the RBNZ cut rates yesterday; GBP remains soft as hopes for a Brexit deal fade

Belated slump in US equities, while US Treasury rates are pushing lower; JPY and the USD are well supported in this environment; NZD slipped below 0.66 overnight while the AUD shredded its post-RBA gains

Belated slump in US equities, while US Treasury rates are pushing lower; JPY and the USD are well supported in this environment; NZD slipped below 0.66 overnight while the AUD shredded its post-RBA gains

Markets opened the week suffering under the weight of President Trump’s early Monday morning tweet; NZD has settled this morning around 0.6610; NZ rates pushed lower yesterday

Markets opened the week suffering under the weight of President Trump’s early Monday morning tweet; NZD has settled this morning around 0.6610; NZ rates pushed lower yesterday

Good US jobs report overshadowed by US:China trade negotiation 'surprise'. NZD may come under pressure. Market positioning suggests RBNZ rate cut more likely

Good US jobs report overshadowed by US:China trade negotiation 'surprise'. NZD may come under pressure. Market positioning suggests RBNZ rate cut more likely

Yesterday’s fall in US equities, and rise in US rates and USD after Fed Chair Powell uttered the words low inflation may be “transitory” has carried through into another trading session; NZD currently sits at 0.6620

Yesterday’s fall in US equities, and rise in US rates and USD after Fed Chair Powell uttered the words low inflation may be “transitory” has carried through into another trading session; NZD currently sits at 0.6620

NZD has solidified the loss seen post the NZ labour market data yesterday; FOMC statement had no surprises; US rates were lower but have bounced back up

NZD has solidified the loss seen post the NZ labour market data yesterday; FOMC statement had no surprises; US rates were lower but have bounced back up

Net result is a flat US equity market and softer USD across the board, with GBP outperforming; US rates have pushed lower; CAD has performed well despite Canada GDP growth

Net result is a flat US equity market and softer USD across the board, with GBP outperforming; US rates have pushed lower; CAD has performed well despite Canada GDP growth

Modest price action in currency markets, while US rates have pushed higher; US and China trade negotiators will be back at the table this week; NZ swap rates had an upward bias yesterday

Modest price action in currency markets, while US rates have pushed higher; US and China trade negotiators will be back at the table this week; NZ swap rates had an upward bias yesterday