Jason Wong

Key US inflation data overnight were in line with expectations; USD has weakened slightly since the inflation data release; AUD has underperformed alongside the NZD which sees the NZDAUD cross flat around 0.9345

Key US inflation data overnight were in line with expectations; USD has weakened slightly since the inflation data release; AUD has underperformed alongside the NZD which sees the NZDAUD cross flat around 0.9345

Korean detente ignored. US and UK growth subdued, although US inflation firms. BofJ gives up on 2% inflation target. Eyes on NZ business confidence

Korean detente ignored. US and UK growth subdued, although US inflation firms. BofJ gives up on 2% inflation target. Eyes on NZ business confidence

Stronger risk appetite sees the NZD continuing to grind higher, up to 0.7380 and reaching a high overnight of 0.7389; NZD has made its best gains against the safe-haven JPY and EUR; SEK falls 1% against the USD

Stronger risk appetite sees the NZD continuing to grind higher, up to 0.7380 and reaching a high overnight of 0.7389; NZD has made its best gains against the safe-haven JPY and EUR; SEK falls 1% against the USD

Technical factors behind bold moves higher in local short term rates, pressures that could linger. Long term rates slip

Technical factors behind bold moves higher in local short term rates, pressures that could linger. Long term rates slip

NZD has traded in a fairly narrow range and currently sits at the bottom end, around 0.7350; oil prices continuing to rally; US 10-year rates fell a few basis points to as low as 2.75%

NZD has traded in a fairly narrow range and currently sits at the bottom end, around 0.7350; oil prices continuing to rally; US 10-year rates fell a few basis points to as low as 2.75%

Chinese conciliatory tone allays market fears of a trade war, pushes commodity currencies up as risk-on tone develops. Slight firming in UST yields

Chinese conciliatory tone allays market fears of a trade war, pushes commodity currencies up as risk-on tone develops. Slight firming in UST yields

A risk-on tone developed in early Asia trading; NZD has trended higher and is currently up 0.7% to 0.7320; UST 10-year rate is currently up 1bp for the day at 2.79%

A risk-on tone developed in early Asia trading; NZD has trended higher and is currently up 0.7% to 0.7320; UST 10-year rate is currently up 1bp for the day at 2.79%

US-China verbal war on trade continued on Friday; the trade spat and the softer US employment saw broad USD weakness but the risk-off tone saw the NZD, AUD and CAD fall alongside the USD; UST yields were lower across the curve with a flattening bias

US-China verbal war on trade continued on Friday; the trade spat and the softer US employment saw broad USD weakness but the risk-off tone saw the NZD, AUD and CAD fall alongside the USD; UST yields were lower across the curve with a flattening bias

US 10-year Treasury rate has traded a 2.80-2.83% range, now well up from the 2.72% low seen earlier this week; NZ rates followed global rates higher, along with some curve steepening

US 10-year Treasury rate has traded a 2.80-2.83% range, now well up from the 2.72% low seen earlier this week; NZ rates followed global rates higher, along with some curve steepening

Markets sees receding risks of an escalating US-China trade war; higher risk appetite means a stronger USD; NZDUSD met some resistance around 0.7320 yesterday afternoon and has fallen away since down to 0.7270

Markets sees receding risks of an escalating US-China trade war; higher risk appetite means a stronger USD; NZDUSD met some resistance around 0.7320 yesterday afternoon and has fallen away since down to 0.7270

US 10-year Treasuries traded as low as 2.75% but are currently near their high for the day at 2.79%; NZ rates were higher across the curve yesterday in the order of 2-4bps

US 10-year Treasuries traded as low as 2.75% but are currently near their high for the day at 2.79%; NZ rates were higher across the curve yesterday in the order of 2-4bps

US-China trade war has heated up but the market is taking this in its stride; most currencies have shown only modest changes since this time yesterday; NZD is the exception, up 0.7% since 7am yesterday

US-China trade war has heated up but the market is taking this in its stride; most currencies have shown only modest changes since this time yesterday; NZD is the exception, up 0.7% since 7am yesterday

NZD is up 0.7% to 0.7260, with much of that gain seen after the NZ close; AUD has lagged the move higher in commodity currencies; benchmark NZ 10-year bond fell to as low as 2.70% yesterday, a level not seen since June last year

NZD is up 0.7% to 0.7260, with much of that gain seen after the NZ close; AUD has lagged the move higher in commodity currencies; benchmark NZ 10-year bond fell to as low as 2.70% yesterday, a level not seen since June last year

US equities pummelled, China hits US products with new tariffs; US ISM weaker; currency alignments avoid the fallout with the NZD just a little softer

US equities pummelled, China hits US products with new tariffs; US ISM weaker; currency alignments avoid the fallout with the NZD just a little softer

Market selloff affects bonds but yields stay within six week range. NZ rates accept no-surprise RBNZ OCR review with local tightening a distant prospect

Market selloff affects bonds but yields stay within six week range. NZ rates accept no-surprise RBNZ OCR review with local tightening a distant prospect

USD has shown a mild but broadly based recovery overnight; GBP slightly softer against both the USD and EUR post BoE announcement; NZD trades this morning at 0.7225 USD

USD has shown a mild but broadly based recovery overnight; GBP slightly softer against both the USD and EUR post BoE announcement; NZD trades this morning at 0.7225 USD

US monetary policy remains on a clear tightening path; UST 10 yr yields 3 bps higher on the announcement; USD was already on a weaker path in overnight trading and has made modest losses since the announcement; FOMC sees the NZD back above the 0.72 mark

US monetary policy remains on a clear tightening path; UST 10 yr yields 3 bps higher on the announcement; USD was already on a weaker path in overnight trading and has made modest losses since the announcement; FOMC sees the NZD back above the 0.72 mark

Markets expect a +25 bps US Fed rate hike tomorrow but unsure of whether two or three more will follow in 2018. Local rates slipped

Markets expect a +25 bps US Fed rate hike tomorrow but unsure of whether two or three more will follow in 2018. Local rates slipped

NZD trades this morning just under the 0.72 mark and lower on all the key crosses; USD strengthened; EUR is on the soft side, down to 1.2260, reflecting flows more than fundamentals

NZD trades this morning just under the 0.72 mark and lower on all the key crosses; USD strengthened; EUR is on the soft side, down to 1.2260, reflecting flows more than fundamentals

US equities are much weaker, driven by the tech sector; in currencies GBP leads the way while the AUD has underperformed; NZD drifted lower before being supported by USD weakness; local swap rates up 1-2 bps across the curve

US equities are much weaker, driven by the tech sector; in currencies GBP leads the way while the AUD has underperformed; NZD drifted lower before being supported by USD weakness; local swap rates up 1-2 bps across the curve

NZD and AUD ended last week on a soft note, with the NZD down 0.8% and AUD down 1.1%; USD indices were slightly up for the day; UST 10yr yield up to 2.84%; NZ rates fell 4-5bps for government bonds and 1-2bps for swaps

NZD and AUD ended last week on a soft note, with the NZD down 0.8% and AUD down 1.1%; USD indices were slightly up for the day; UST 10yr yield up to 2.84%; NZ rates fell 4-5bps for government bonds and 1-2bps for swaps

Draghi in spotlight, damping down talk their dovish settings are ending. New NZGB issuance causes no surprises. Eyes now turn to Japan, then US payrolls

Draghi in spotlight, damping down talk their dovish settings are ending. New NZGB issuance causes no surprises. Eyes now turn to Japan, then US payrolls

USD up as the US policy on steel and aluminium tariffs looks to be watered down; EUR has underperformed as the ECB dropped its easing bias; NZD nudge down to around 0.7260 on USD strength

USD up as the US policy on steel and aluminium tariffs looks to be watered down; EUR has underperformed as the ECB dropped its easing bias; NZD nudge down to around 0.7260 on USD strength

Two Fed members, including a dove, get more hawkish. Eyes turn to US jobs data and ECB policy settings

Two Fed members, including a dove, get more hawkish. Eyes turn to US jobs data and ECB policy settings

USD is flat to stronger against all the majors overnight; against the risk-off mood yesterday, the NZD held up pretty well, but drifted down to 0.7260 this morning; Brexit news continues to hang over GBP and EUR

USD is flat to stronger against all the majors overnight; against the risk-off mood yesterday, the NZD held up pretty well, but drifted down to 0.7260 this morning; Brexit news continues to hang over GBP and EUR