Jason Wong

UST yields rise on shutdown risk. But stronger US growth and inflation will encourage Fed tightening. NZ PMI will test business confidence assessments

UST yields rise on shutdown risk. But stronger US growth and inflation will encourage Fed tightening. NZ PMI will test business confidence assessments

US funding shenanigans weigh on greenback. Apple to make massive repatriation. Other US data mixed. China data positive. NZD holds its own

US funding shenanigans weigh on greenback. Apple to make massive repatriation. Other US data mixed. China data positive. NZD holds its own

NZD is trading just above the 0.7300 USD mark this morning; USD movements driven by possibility of government shutdown; US 10-year rates have been trading between 2.54-2.57% since the NZ close; local rates stable

NZD is trading just above the 0.7300 USD mark this morning; USD movements driven by possibility of government shutdown; US 10-year rates have been trading between 2.54-2.57% since the NZ close; local rates stable

Selling pressure in the USD has taken a breather, with the key USD indices drifting higher; NZD has drifted lower since this time yesterday, from just above 0.7300 USD to as low as 0.7259 early this morning

Selling pressure in the USD has taken a breather, with the key USD indices drifting higher; NZD has drifted lower since this time yesterday, from just above 0.7300 USD to as low as 0.7259 early this morning

NZD has outperformed as the new week begins, with the overnight high of 0.7315 reached around sunrise; NZDAUD has tracked sideways; “Sell USD against anything” seems to be the current mantra early in 2018; 2 yr local swap rates up 1 bp and 10 yr up 3 bps

NZD has outperformed as the new week begins, with the overnight high of 0.7315 reached around sunrise; NZDAUD has tracked sideways; “Sell USD against anything” seems to be the current mantra early in 2018; 2 yr local swap rates up 1 bp and 10 yr up 3 bps

EUR gets boost from Merkel coalition, US data surprises on the upside, but USD fails to capitalise on fiscal, trade headwinds. NZD fatigued after strong run

EUR gets boost from Merkel coalition, US data surprises on the upside, but USD fails to capitalise on fiscal, trade headwinds. NZD fatigued after strong run

GBP was the key mover on Friday; NZD remained little changed from the NZ close at around 0.6840 USD; there was a slight steepening of the curve after the US employment report

GBP was the key mover on Friday; NZD remained little changed from the NZ close at around 0.6840 USD; there was a slight steepening of the curve after the US employment report

Markets are waiting for the US employment report, some agreement on the tax bill and to see if the US Government needs a shut down; commodity currencies, including the NZD, underperform; GBP continues to remain the most volatile of the majors

Markets are waiting for the US employment report, some agreement on the tax bill and to see if the US Government needs a shut down; commodity currencies, including the NZD, underperform; GBP continues to remain the most volatile of the majors

US yield curve flattest in 10 years, distorted by QE durations. Soft AU GDP pushes back next RBA rise. Eyes now on US non-farm payrolls report

US yield curve flattest in 10 years, distorted by QE durations. Soft AU GDP pushes back next RBA rise. Eyes now on US non-farm payrolls report

NZD trades this morning at 0.6870, a similar level as at this time yesterday; AUD came under pressure yesterday; EUR’s downtrend this month has continued; biggest loser for the day has been a weaker CAD

NZD trades this morning at 0.6870, a similar level as at this time yesterday; AUD came under pressure yesterday; EUR’s downtrend this month has continued; biggest loser for the day has been a weaker CAD

Markets expect US Fed hike, but long rates slip causing a yield curve flattening. NZ rates rise and steepen. Eyes on AU GDP and US jobs data

Markets expect US Fed hike, but long rates slip causing a yield curve flattening. NZ rates rise and steepen. Eyes on AU GDP and US jobs data

NZD met some resistance just over the 0.69 mark and has slipped in overnight trading to around 0.6875; higher than expected Australian retail sales gave the AUD a boost yesterday; USD has made some ground against EUR, GBP and JPY

NZD met some resistance just over the 0.69 mark and has slipped in overnight trading to around 0.6875; higher than expected Australian retail sales gave the AUD a boost yesterday; USD has made some ground against EUR, GBP and JPY

UST 10yr yield opened higher and traded a tight range since, up 3 bps to 2.39%; European rates are also higher; in the local rates market, downward pressure remained evident for money market rates

UST 10yr yield opened higher and traded a tight range since, up 3 bps to 2.39%; European rates are also higher; in the local rates market, downward pressure remained evident for money market rates

NZD trading at 0.6840 USD, close to its session lows; today's direction to be determined by Acting Governor Spencer's speech; GBP has had a volatile session

NZD trading at 0.6840 USD, close to its session lows; today's direction to be determined by Acting Governor Spencer's speech; GBP has had a volatile session

NZD made up some lost ground, ending the week around 0.6890 USD; USD was weaker, with the TWI major index down 0.6%; global rates were lower, UST 10yr dived 10 bps to 2.32%; local rates had a slight downward bias

NZD made up some lost ground, ending the week around 0.6890 USD; USD was weaker, with the TWI major index down 0.6%; global rates were lower, UST 10yr dived 10 bps to 2.32%; local rates had a slight downward bias

NZ-US 10-year bond spread down to 34 bps, the lowest since 1993. UST 10yr up to 2.42% but volatility lowest since 1979

NZ-US 10-year bond spread down to 34 bps, the lowest since 1993. UST 10yr up to 2.42% but volatility lowest since 1979

NZD is about 0.7% weaker than it was this time yesterday, trading at 0.6840 USD; EUR and GBP have outperformed; month-end flows seem to be dominating USD moves

NZD is about 0.7% weaker than it was this time yesterday, trading at 0.6840 USD; EUR and GBP have outperformed; month-end flows seem to be dominating USD moves

GBP is up 0.8% to 1.3445 USD on promising Brexit talks; in the bond markets, yields are up across the board; NZD is around where it closed the local session at 0.6890 USD; local swap rates down 2-3bps

GBP is up 0.8% to 1.3445 USD on promising Brexit talks; in the bond markets, yields are up across the board; NZD is around where it closed the local session at 0.6890 USD; local swap rates down 2-3bps

NZD holds the top performing spot for the second day in a row, trading at 0.6925 USD; USD TWI majors index is up 0.3%; UST 2-year rate is flat, while the 10yr rate is down 1bp to 2.32%; local yields were 1 bp lower across the curve

NZD holds the top performing spot for the second day in a row, trading at 0.6925 USD; USD TWI majors index is up 0.3%; UST 2-year rate is flat, while the 10yr rate is down 1bp to 2.32%; local yields were 1 bp lower across the curve

US yields flatten further but NZ rates perk up at the long end. Powell faces confirmation hearings with pressure to wind back GFC reforms

US yields flatten further but NZ rates perk up at the long end. Powell faces confirmation hearings with pressure to wind back GFC reforms

NZD up 0.5%, trading at 0.6910 USD after reaching a high of 0.6926 this morning; the gain is broadly based, except against the JPY, which was the other outperformer

NZD up 0.5%, trading at 0.6910 USD after reaching a high of 0.6926 this morning; the gain is broadly based, except against the JPY, which was the other outperformer

EUR was the best performer, rising 0.7% to 1.1935 USD; stronger euro spilled over into other European currencies, including GBP; NZD remained tightly range-bound and the ended the week around 0.6880 USD; US Treasury rates rose by 2bps across the curve

EUR was the best performer, rising 0.7% to 1.1935 USD; stronger euro spilled over into other European currencies, including GBP; NZD remained tightly range-bound and the ended the week around 0.6880 USD; US Treasury rates rose by 2bps across the curve

USD has sustained the fall seen post the slightly dovish FOMC minutes yesterday; weaker USD saw the NZD push higher, peaking at 0.6905; EUR also pushed up to the 1.1850 USD mark; local yield curve saw some slight downward pressure on rates

USD has sustained the fall seen post the slightly dovish FOMC minutes yesterday; weaker USD saw the NZD push higher, peaking at 0.6905; EUR also pushed up to the 1.1850 USD mark; local yield curve saw some slight downward pressure on rates

USD has struggled and is the biggest loser; US equities are flat around record highs while UST yields are down slightly; NZD up to 0.6860 USD and has managed to hold its ground on all the key major crosses; NZ bond market continues to be well supported

USD has struggled and is the biggest loser; US equities are flat around record highs while UST yields are down slightly; NZD up to 0.6860 USD and has managed to hold its ground on all the key major crosses; NZ bond market continues to be well supported

US yields flatten. NZ 90 day bank bill rate hits record low. Domestic liquidity conditions very 'easy'. Lower rates loom as loan demand softens

US yields flatten. NZ 90 day bank bill rate hits record low. Domestic liquidity conditions very 'easy'. Lower rates loom as loan demand softens