Jason Wong

Change of Government expected to bring higher inflation expectations, increased debt issuance and an added risk premium for a steeper curve from here

Change of Government expected to bring higher inflation expectations, increased debt issuance and an added risk premium for a steeper curve from here

NZD significantly lower, down between 1.5% and 2.3% on all crosses, trading as low as 0.7012 USD and 0.8910 AUD; globally a slightly risk-off tone has enveloped the markets overnight

NZD significantly lower, down between 1.5% and 2.3% on all crosses, trading as low as 0.7012 USD and 0.8910 AUD; globally a slightly risk-off tone has enveloped the markets overnight

NZD modestly weaker on dairy auction, Government announcement. Market yawns at China speech. ECB taper to be 'drawn out'. Global bond rates push higher

NZD modestly weaker on dairy auction, Government announcement. Market yawns at China speech. ECB taper to be 'drawn out'. Global bond rates push higher

USD up on all key crosses, up 0.25% on the TWI majors index; UST 10yr yields traded up to 2.32% before settling just above 2.30%; NZD little changed after trading a 50 point range; strong CPI data put upwards pressure on local rates

USD up on all key crosses, up 0.25% on the TWI majors index; UST 10yr yields traded up to 2.32% before settling just above 2.30%; NZD little changed after trading a 50 point range; strong CPI data put upwards pressure on local rates

NZ rates followed the US rates down from Friday, but US rates turned up today. EU rates lower. Eyes now on NZ CPI and next dairy auction

NZ rates followed the US rates down from Friday, but US rates turned up today. EU rates lower. Eyes now on NZ CPI and next dairy auction

Spot rates within 0.1% of last week's close against the USD, except for a softer CAD and AUD; NZD stuck in a range between 0.7165 and 0.7195 USD; GBP saw a little bit of volatility, up a bit as PM May heads to Brussels

Spot rates within 0.1% of last week's close against the USD, except for a softer CAD and AUD; NZD stuck in a range between 0.7165 and 0.7195 USD; GBP saw a little bit of volatility, up a bit as PM May heads to Brussels

US data shows inflation lower than expected, retail sales and confidence higher. Yellen expects inflation to move higher; not everyone agrees. USD falls, then recovers. NZD ready for political risk reaction

US data shows inflation lower than expected, retail sales and confidence higher. Yellen expects inflation to move higher; not everyone agrees. USD falls, then recovers. NZD ready for political risk reaction

UST 10yr yields trading at 2.34%, about 2 bps lower than the NZ close; local rates market was quiet yesterday, with rates down 1-2 bps across the swaps and government curves, driven by global forces

UST 10yr yields trading at 2.34%, about 2 bps lower than the NZ close; local rates market was quiet yesterday, with rates down 1-2 bps across the swaps and government curves, driven by global forces

NZD tracks sideways after 8 consecutive days of falling; EUR continued to show signs of modest recovery; US Fed minutes show that participants are concerned that low inflation readings may be due to persistent factors

NZD tracks sideways after 8 consecutive days of falling; EUR continued to show signs of modest recovery; US Fed minutes show that participants are concerned that low inflation readings may be due to persistent factors

NZD closed the week at 0.7090 USD, after falling to a low 0.7059; market pricing in an 80% chance of a Fed rate hike in December, after a strong US employment report; UST 10yr yields were 1 bp higher relative to NZ close

NZD closed the week at 0.7090 USD, after falling to a low 0.7059; market pricing in an 80% chance of a Fed rate hike in December, after a strong US employment report; UST 10yr yields were 1 bp higher relative to NZ close

UST 10yr rises to 2.35% on Fed talk. Eyes on US NFPs. Aussie retail hits local swap rates. Markets not worried even if National loses up to two seats in final election count

UST 10yr rises to 2.35% on Fed talk. Eyes on US NFPs. Aussie retail hits local swap rates. Markets not worried even if National loses up to two seats in final election count

USD has made broadly based gains as some clouds overhang other currencies; AUD was hit yesterday after much weaker than expected retail sales data; fall in the NZD to below 0.7120 reflects the combination of USD strength and some spillover from a soft AUD

USD has made broadly based gains as some clouds overhang other currencies; AUD was hit yesterday after much weaker than expected retail sales data; fall in the NZD to below 0.7120 reflects the combination of USD strength and some spillover from a soft AUD

Lower global rates weigh on NZ swaps. German rates slip. US data strong and Fed leadership speculation rises

Lower global rates weigh on NZ swaps. German rates slip. US data strong and Fed leadership speculation rises

NZD trading around the 0.7160 USD level; broad-based USD weakness was seen during the local trading session; AUD has slightly outperformed, which sees NZDAUD down slightly at 0.9120

NZD trading around the 0.7160 USD level; broad-based USD weakness was seen during the local trading session; AUD has slightly outperformed, which sees NZDAUD down slightly at 0.9120

Fed Chair position in play, UST yields slightly lower with more short positions being added, eyes on ADP employment report

Fed Chair position in play, UST yields slightly lower with more short positions being added, eyes on ADP employment report

NZD has traded in a tight 0.7150-0.7250 USD range for much of the past week and currently sits near the bottom of that range; NZDAUD dropped to around 0.9140; GBP was on the soft side

NZD has traded in a tight 0.7150-0.7250 USD range for much of the past week and currently sits near the bottom of that range; NZDAUD dropped to around 0.9140; GBP was on the soft side

Markets baffled by odd yield tracking. UST yields slip, local swap rates drift up on very low volumes. Attention turns to QSBO, RBA and dairy auction

Markets baffled by odd yield tracking. UST yields slip, local swap rates drift up on very low volumes. Attention turns to QSBO, RBA and dairy auction

NZD hovering around the 0.7200 USD level, struggling to make headway against the broadly-based USD recovery; NZDAUD flat around 0.9200; GBP worst performer of the day

NZD hovering around the 0.7200 USD level, struggling to make headway against the broadly-based USD recovery; NZDAUD flat around 0.9200; GBP worst performer of the day

UST 10yr yield ended the week at just over the 2.33% mark, its highest close in five weeks; NZD was flat for most of the day, closing the week around 0.7210 USD; local yield movements modest, with the bond and swap curves not moving more than 1 bp

UST 10yr yield ended the week at just over the 2.33% mark, its highest close in five weeks; NZD was flat for most of the day, closing the week around 0.7210 USD; local yield movements modest, with the bond and swap curves not moving more than 1 bp

NZ long end rates following global direction, short end rates ignoring RBNZ. Focus turns to action-packed data calendar

NZ long end rates following global direction, short end rates ignoring RBNZ. Focus turns to action-packed data calendar

NZD down to 0.7167 USD as the USD trended higher; NZD is flat on the other key crosses; AUD is struggling against the backdrop of weaker iron ore prices

NZD down to 0.7167 USD as the USD trended higher; NZD is flat on the other key crosses; AUD is struggling against the backdrop of weaker iron ore prices

USD supported by Trump's tax reform plan; NZD the only major currency that has managed to gain against the USD, with gains on all the crosses

USD supported by Trump's tax reform plan; NZD the only major currency that has managed to gain against the USD, with gains on all the crosses

RBNZ on sidelines, as new Acting Governor takes over. Local rates respond to international pressures, rising in steepening trend

RBNZ on sidelines, as new Acting Governor takes over. Local rates respond to international pressures, rising in steepening trend

USD was up on all crosses except the CAD; NZD continues to underperform, managing to climb back up to 0.7210 after falling as low as 0.7168; EUR has been under downward pressure through most of the night

USD was up on all crosses except the CAD; NZD continues to underperform, managing to climb back up to 0.7210 after falling as low as 0.7168; EUR has been under downward pressure through most of the night

UST yields a little higher. NZ rates following offshore trends. No election reaction in rates markets

UST yields a little higher. NZ rates following offshore trends. No election reaction in rates markets