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

Commodity currencies outperform

NZD was up 1% against the USD and AUD and CAD were up 1.2% and 0.7% respectively; USD recovery ended with Trump in the headlines and the market interpreting the FOMC minutes as being on the dovish side

17th Aug 17, 8:22am

by Jason Wong

NZD underperforms

NZDUSD down 0.7% to 0.7235 and NZDAUD down 0.3% to 0.9255; USD extends recovery as geopolitical tensions ease; JPY and GBP underperform as safe haven flows reverse

16th Aug 17, 7:54am

by Jason Wong

NZDUSD down 0.7% to 0.7235 and NZDAUD down 0.3% to 0.9255; USD extends recovery as geopolitical tensions ease; JPY and GBP underperform as safe haven flows reverse

Bond rates rise

US rates rise on good retail sales, hawkish Fed comments, and easing tensions. NZ rates rise especially for NZGBs

16th Aug 17, 7:50am

by Jason Wong

US rates rise on good retail sales, hawkish Fed comments, and easing tensions. NZ rates rise especially for NZGBs

USD in driving seat

NZD sits at 0.7290 USD, down 0.3% from last week's close; USD reverses Friday's declines, rising against all majors; AUD underperforms, NZDAUD up to 0.9280

15th Aug 17, 8:03am

by Jason Wong

NZD sits at 0.7290 USD, down 0.3% from last week's close; USD reverses Friday's declines, rising against all majors; AUD underperforms, NZDAUD up to 0.9280

NZ swap spreads narrow

Yields firmer on better risk sentiment. Dudley talks up Fed options. Eyes turn to new 2029 NZGB, an election consideration?

15th Aug 17, 7:51am

by Jason Wong

Yields firmer on better risk sentiment. Dudley talks up Fed options. Eyes turn to new 2029 NZGB, an election consideration?

NZD up against all majors

Weak US inflation data triggers broad based USD weakness; NZDUSD closed the week at 0.7315 and NZDAUD closed around 0.9270

14th Aug 17, 8:21am

by Jason Wong

Weak US inflation data triggers broad based USD weakness; NZDUSD closed the week at 0.7315 and NZDAUD closed around 0.9270

Geo-political tension keeps bond prices firm

Market expectations of US Fed tightening diminish; now end of 2018 before next full 25 bps cut is priced in. NZ swap rates reach fresh 2017 lows

14th Aug 17, 7:08am

by Jason Wong

Market expectations of US Fed tightening diminish; now end of 2018 before next full 25 bps cut is priced in. NZ swap rates reach fresh 2017 lows

Yesterday's gains to be unwound today

Rates fall internationally as risk-off mood prevails. Local gains will probably not be sustained here. Eyes on US CPI, but prospects turn dim after weak PPI

11th Aug 17, 8:02am

by Jason Wong

Rates fall internationally as risk-off mood prevails. Local gains will probably not be sustained here. Eyes on US CPI, but prospects turn dim after weak PPI

NZD bottom of leaderboard

NZD lost ground in the Asian session yesterday and traded a tight range overnight to trade at around 0.7280; geopolitical tensions lead to a stronger Yen; other currency movements were modest

11th Aug 17, 7:56am

by Jason Wong

NZD lost ground in the Asian session yesterday and traded a tight range overnight to trade at around 0.7280; geopolitical tensions lead to a stronger Yen; other currency movements were modest

Yields lower everywhere

Lower global rates help drag down NZ rates to lowest levels of the year. RBNZ not likely to follow other central anks to remove policy accommodation

10th Aug 17, 8:07am

by Jason Wong

Lower global rates help drag down NZ rates to lowest levels of the year. RBNZ not likely to follow other central anks to remove policy accommodation

Risk-off tone pervades markets

NZD traded a tight 25 point range and is flat at 0.7330 USD; NZDAUD stretched up to 1.08, a level where investors began taking profit; safe-haven flows saw funds move into the Yen

10th Aug 17, 8:00am

by Jason Wong

NZD traded a tight 25 point range and is flat at 0.7330 USD; NZDAUD stretched up to 1.08, a level where investors began taking profit; safe-haven flows saw funds move into the Yen

NZD and NZ rates faced downward pressure

NZD at the bottom of the leaderboard as traders expect dovish tone from RBNZ; NZ rates were lower and the long end rates outperformed global peers; USD and UST yields were higher

9th Aug 17, 7:55am

by Jason Wong

NZD at the bottom of the leaderboard as traders expect dovish tone from RBNZ; NZ rates were lower and the long end rates outperformed global peers; USD and UST yields were higher

European tailwind blows over NZ rates

Markets eye RBNZ review but don't expect change. Bond yields trade in tight ranges. Slight steepening bias creeping in

8th Aug 17, 8:16am

by Jason Wong

Markets eye RBNZ review but don't expect change. Bond yields trade in tight ranges. Slight steepening bias creeping in

NZD starts the week on the back foot

NZD is now a full two cents lower from the late July peak, after losing 0.7% to 0.7630 USD; USD holds on to Friday's post employment gains; other commodity currencies down slightly

8th Aug 17, 8:00am

by Jason Wong

NZD is now a full two cents lower from the late July peak, after losing 0.7% to 0.7630 USD; USD holds on to Friday's post employment gains; other commodity currencies down slightly

Strong US employment bolsters USD and UST

American jobs grow as the Fed needs. Focus now turns to inflation which has been lagging. Markets not pricing rate hike just yet. NZD fares better than others against USD

7th Aug 17, 8:06am

by Jason Wong

American jobs grow as the Fed needs. Focus now turns to inflation which has been lagging. Markets not pricing rate hike just yet. NZD fares better than others against USD

NZD slightly up, local rates lower

NZD saw some selling pressure yesterday but recovered to trade at 0.7440 USD; local yields had a downward bias; global bond yields were lower on BoE policy meeting; JPY topped leaderboard

4th Aug 17, 7:57am

by Jason Wong

NZD saw some selling pressure yesterday but recovered to trade at 0.7440 USD; local yields had a downward bias; global bond yields were lower on BoE policy meeting; JPY topped leaderboard

US Treasury signals increased borrowing

Ultra long bonds an option for the Americans as faster debt increases loom. Markets push out guess as to when next OCR rise due

3rd Aug 17, 8:18am

by Jason Wong

Ultra long bonds an option for the Americans as faster debt increases loom. Markets push out guess as to when next OCR rise due

NZD underperforms

Weaker than expected labour market data saw NZD drop to the 0.7435 USD level it is trading this morning; EUR tops leaderboard, now trading at 1.1860 USD; GBP in favour ahead of BoE policy meeting this morning

3rd Aug 17, 7:57am

by Jason Wong

Weak CPI flow through

Wholesale rates fall as inflation weaker than expected. Next RBNZ hike not now seen until August 2018. US politics drives down international yields

19th Jul 17, 8:20am

by Jason Wong

Wholesale rates fall as inflation weaker than expected. Next RBNZ hike not now seen until August 2018. US politics drives down international yields

Significant swings in currency markets

NZD lost 60 pips on a soft CPI release but recovered it relatively quickly; USD was under pressure as two Republican senators said they wouldn't support the healthcare bill; AUDUSD tested its highest level in two years

19th Jul 17, 8:01am

by Jason Wong

Tracking lower ?

All eyes on inflation data with expectations low, even below the RBNZ's estimate. Curves flattening on global trends

18th Jul 17, 8:27am

by Jason Wong

All eyes on inflation data with expectations low, even below the RBNZ's estimate. Curves flattening on global trends

Commodity currencies underperform

NZD, AUD and CAD all down from the weekend close, with the NZD opening at 0.7320 USD; GBP 0.3% lower and EUR and JPY are flat; attention today turns to NZ CPI

18th Jul 17, 7:54am

by Jason Wong

NZD, AUD and CAD all down from the weekend close, with the NZD opening at 0.7320 USD; GBP 0.3% lower and EUR and JPY are flat; attention today turns to NZ CPI

US CPI below expectations

US CPI was lower than expectations for the fourth consecutive month, USD majors index is down 0.7%, US rates recovered losses to close 1 bps lower; NZD made the smallest gain of all majors against the USD, up 0.4%; local rate curve steepened on Friday

17th Jul 17, 8:08am

by Jason Wong

Risk sentiment improves

NZD and AUD up to 0.7325 and 0.7730 USD respectively, both trading in a significant area of resistance; USD flat prior to inflation release tonight, which has missed the target in the last three releases; global yields up on news of potential ECB tapering

14th Jul 17, 8:05am

by Jason Wong

NZD and AUD gain on soft USD

NZD and AUD up about 0.6% after Janet Yellen's testimony, trading at 0.7265 and 0.7680 USD respectively; Fed may not need to raise rates much further to maintain supply and demand in the economy; CAD outperforms as BoC begins tightening cycle

13th Jul 17, 8:06am

by Jason Wong