Jason Wong

US equities tracking sideways, and US rates up slightly; USD shows broadly based gains, supported by stronger data, which has seen the NZD track consistently under the 0.68 mark; RBA kept its policy messaging unchanged

US equities tracking sideways, and US rates up slightly; USD shows broadly based gains, supported by stronger data, which has seen the NZD track consistently under the 0.68 mark; RBA kept its policy messaging unchanged

US equities, US rates and the USD were all higher on Friday; stronger USD backdrop saw the NZD slip a little to close the week around 0.68; AUD showed followed a similar trading pattern to the NZD

US equities, US rates and the USD were all higher on Friday; stronger USD backdrop saw the NZD slip a little to close the week around 0.68; AUD showed followed a similar trading pattern to the NZD

USD is bid and US Treasury rates have pushed higher following stronger than expected US data; NZD and AUD have slipped, with the NZD temporarily going sub 0.68 and the AUD going sub-0.71

USD is bid and US Treasury rates have pushed higher following stronger than expected US data; NZD and AUD have slipped, with the NZD temporarily going sub 0.68 and the AUD going sub-0.71

A couple of blows to the AUD has seen it tumble and drag down the NZD in its wake; global rates have pushed higher; USD nudged higher following the release of the FOMC minutes

A couple of blows to the AUD has seen it tumble and drag down the NZD in its wake; global rates have pushed higher; USD nudged higher following the release of the FOMC minutes

Currency movements have been modest, the S&P500 is barely positive, while global rates are little changed; NZD has been shuffling sideways since this time yesterday and sits this morning at 0.6875

Currency movements have been modest, the S&P500 is barely positive, while global rates are little changed; NZD has been shuffling sideways since this time yesterday and sits this morning at 0.6875

US equities are modestly higher while US Treasury yields have nudged lower; USD has a soft underbelly, which sees the NZD and AUD push higher; GBP has been the strongest of the majors

US equities are modestly higher while US Treasury yields have nudged lower; USD has a soft underbelly, which sees the NZD and AUD push higher; GBP has been the strongest of the majors

There has been little change in global rates or futures for US Treasuries and US equities; NZD has peeled off after a rally during local trading hours; GBP has outperformed despite more political shenanigans

There has been little change in global rates or futures for US Treasuries and US equities; NZD has peeled off after a rally during local trading hours; GBP has outperformed despite more political shenanigans

US government shutdown averted and more positive vibes on US-China trade developments; commodity currencies outperformed alongside GBP, while US and European equities made decent gains; global rates were flat on Friday

US government shutdown averted and more positive vibes on US-China trade developments; commodity currencies outperformed alongside GBP, while US and European equities made decent gains; global rates were flat on Friday

US equities are currently down 1.5% after a similar fall in Europe; US and Germany 10-year rates are lower; NZD is little changed from the NZ close but is still the weakest performer

US equities are currently down 1.5% after a similar fall in Europe; US and Germany 10-year rates are lower; NZD is little changed from the NZ close but is still the weakest performer

US equities are slightly weaker and US rates are slightly lower; AUD is the clear underperformer, following RBA Governor Lowe’s speech yesterday afternoon, with some negative spillover effect for the NZD, even as dairy prices continue to surge

US equities are slightly weaker and US rates are slightly lower; AUD is the clear underperformer, following RBA Governor Lowe’s speech yesterday afternoon, with some negative spillover effect for the NZD, even as dairy prices continue to surge

US Treasury yields have extended their rise following the strong US data reports on Friday; US rates are supporting the USD but gains have been modest; NZD has slipped a little to 0.6880; AUD has slightly underperformed the NZD

US Treasury yields have extended their rise following the strong US data reports on Friday; US rates are supporting the USD but gains have been modest; NZD has slipped a little to 0.6880; AUD has slightly underperformed the NZD

US data on Friday saw US Treasury rates move 4-7bps higher across the curve; rise in rates tempered the lift in US equities; currency movements were generally modest, apart from some softness in the yen; NZD met some resistance near the 0.6940 mark

US data on Friday saw US Treasury rates move 4-7bps higher across the curve; rise in rates tempered the lift in US equities; currency movements were generally modest, apart from some softness in the yen; NZD met some resistance near the 0.6940 mark

ECB and PMIs pressure euro lower. No US shutdown progress despite new talk. AUD suffers after NAB rate hike that raises bets for RBA cut

ECB and PMIs pressure euro lower. No US shutdown progress despite new talk. AUD suffers after NAB rate hike that raises bets for RBA cut

NZD is stronger after yesterday’s CPI report while GBP is stronger on reducing risks for a no-deal Brexit; US equities are retreating after a positive open; NZ 2-year swap rate rose by “only” 1.5bps to 1.93%

NZD is stronger after yesterday’s CPI report while GBP is stronger on reducing risks for a no-deal Brexit; US equities are retreating after a positive open; NZ 2-year swap rate rose by “only” 1.5bps to 1.93%

Global equities and bond yields lower; most major currencies haven’t showed a lot of movement; commodity currencies are slightly weaker, except the NZD which has managed to hold its ground, while GBP is the strongest of the majors

Global equities and bond yields lower; most major currencies haven’t showed a lot of movement; commodity currencies are slightly weaker, except the NZD which has managed to hold its ground, while GBP is the strongest of the majors

NZD has tracked sideways overnight after drifting lower during the Wellington public holiday; IMF downgraded its growth forecasts for 2019 to 3.5%; GBP has been the strongest major overnight

NZD has tracked sideways overnight after drifting lower during the Wellington public holiday; IMF downgraded its growth forecasts for 2019 to 3.5%; GBP has been the strongest major overnight

BNZ now sees a strengthening NZD in 2019 as our terms of trade turn more positive and recent data suggests a recovery is underway. But a biting trade war could unstitch this view

BNZ now sees a strengthening NZD in 2019 as our terms of trade turn more positive and recent data suggests a recovery is underway. But a biting trade war could unstitch this view

Fed’s Powell reiterates “patience” message. Market movements modest. NZD little changed

Fed’s Powell reiterates “patience” message. Market movements modest. NZD little changed

Increased optimism of a China:US trade deal. More Fed speakers signal 'patience'. Greenback weakens as oil prices rise +4%. Bond traders see Fed on hold for an extended period

Increased optimism of a China:US trade deal. More Fed speakers signal 'patience'. Greenback weakens as oil prices rise +4%. Bond traders see Fed on hold for an extended period

BNZ's Jason Wong reviews the market moves since Christmas, putting the illiquid trading and other bumpy events in perspective, to show how we got here from there

BNZ's Jason Wong reviews the market moves since Christmas, putting the illiquid trading and other bumpy events in perspective, to show how we got here from there

Global equity markets are sinking deeper into the red, the US yield curve flattens further and the USD has weakened overnight, reversing some of its post-Fed gains yesterday; NZD is higher in overnight trading but still 1% down since this time yesterday

Global equity markets are sinking deeper into the red, the US yield curve flattens further and the USD has weakened overnight, reversing some of its post-Fed gains yesterday; NZD is higher in overnight trading but still 1% down since this time yesterday

USD has drifted a little lower ahead of the FOMC announcement as has the US 10-year rate; NZD is little changed; AUD is little changed as well, seeing NZD/AUD steady around 0.9550; NZ 5 and 10-year swap rates fell by 2bps to 2.32% and 2.74% respectively

USD has drifted a little lower ahead of the FOMC announcement as has the US 10-year rate; NZD is little changed; AUD is little changed as well, seeing NZD/AUD steady around 0.9550; NZ 5 and 10-year swap rates fell by 2bps to 2.32% and 2.74% respectively

After a couple of big daily falls US equities are up 0.8-1.2%; US bonds have rallied a little ahead of the US FOMC announcement tomorrow; CAD is softer as oil prices continue to fall, while the NZD has sustained the gains it saw in local trading yesterday

After a couple of big daily falls US equities are up 0.8-1.2%; US bonds have rallied a little ahead of the US FOMC announcement tomorrow; CAD is softer as oil prices continue to fall, while the NZD has sustained the gains it saw in local trading yesterday

Safe-haven currencies like JPY and CHF outperform; commodity currencies have underperformed; global equity markets are a lot lower, while US 10 year rates are down to a fresh 3-month low

Safe-haven currencies like JPY and CHF outperform; commodity currencies have underperformed; global equity markets are a lot lower, while US 10 year rates are down to a fresh 3-month low

AUD and CAD are the weakest performers; GBP is better bid after a poor run recently; S&P futures are up 0.6%; NZ’s generic 10-year government bond yield closed at 2.47%, its lowest level in over two years

AUD and CAD are the weakest performers; GBP is better bid after a poor run recently; S&P futures are up 0.6%; NZ’s generic 10-year government bond yield closed at 2.47%, its lowest level in over two years