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

Market trading thin with US, UK and China on holiday

NZD is hovering around 0.7060 USD after meeting some resistance near 0.7090 last night; local rates market saw modest upward pressure, reversing some of Friday’s move

30th May 17, 8:09am

by Jason Wong

NZD is hovering around 0.7060 USD after meeting some resistance near 0.7090 last night; local rates market saw modest upward pressure, reversing some of Friday’s move

Markets quiet leading up to long US weekend

NZD gained 0.5% on Friday to be trading at 0.7060 USD, up around 2% for the week; slump in GBP as polls show the Conservative party losing support and consumer confidence declining; WTI Crude Oil recovered 1.8% after a 4.8% plunge

29th May 17, 8:18am

by Jason Wong

Yields for NZGBs reach fresh lows

Markets happy with current rate settings. Washington politics gets more volatile. Holiday weekend in some major economies

29th May 17, 7:51am

by Jason Wong

Markets happy with current rate settings. Washington politics gets more volatile. Holiday weekend in some major economies

Issuing debt for the sake of it

NZGB bond markets will get new issuance to maintain a sustainable market, not because the Government needs the funding. NZGB 10yr yield near its 2017 low

26th May 17, 8:17am

by Jason Wong

NZGB bond markets will get new issuance to maintain a sustainable market, not because the Government needs the funding. NZGB 10yr yield near its 2017 low

NZD weakens in a risk-on environment

Commodity currencies lower as oil drops almost 5% on smaller than expected production cuts; NZ budget has little impact on markets; USD recovers some ground, lost due to slightly dovish FOMC minutes released yesterday

26th May 17, 8:12am

by Jason Wong

NZD tops leaderboard, local rates see upward pressure

NZD trended 1% higher overnight, meeting some resistance just under the 0.70 USD mark; USD remains out of favour; NZ 2 yr swap at 2.25%, 10 yr at 3.26%, steepening bias expected

23rd May 17, 8:01am

by Jason Wong

NZD trended 1% higher overnight, meeting some resistance just under the 0.70 USD mark; USD remains out of favour; NZ 2 yr swap at 2.25%, 10 yr at 3.26%, steepening bias expected

NZD direction driven by global factors

UST and local rates traded in a tight range with little movement in the yield curve; USD was under pressure on Friday, USD majors index down 0.7%; NZD up to 0.6925 on USD weakness

22nd May 17, 8:44am

by Jason Wong

UST and local rates traded in a tight range with little movement in the yield curve; USD was under pressure on Friday, USD majors index down 0.7%; NZD up to 0.6925 on USD weakness

Yield curves flatten

Pricing for Fed hikes nudge up. Long end declines flatten yield curves. NZ 10yr at fresh low for year. US politics garner more attention than deserved

19th May 17, 8:20am

by Jason Wong

Pricing for Fed hikes nudge up. Long end declines flatten yield curves. NZ 10yr at fresh low for year. US politics garner more attention than deserved

Markets calmer after big risk-off move

USD recovered after being supported by strong data; NZDUSD below the 0.6900 level as USD strengthened and NZDAUD is also lower, now trading at the 0.9300 mark; Brazilian real down 6% on the President's corruption allegations

19th May 17, 7:57am

by Jason Wong

Risk appetite falls

NZD up 0.8% against the USD as the risk off mood sees the USD index 0.6% lower; UST yields down 6 bps and 11 bps for the 2 yr and 10 yr rates respectively; local yields were down across the curve yesterday and further downward pressure is expected today

18th May 17, 8:15am

by Jason Wong

USD stutters

Under-shooting US data weighs on greenback even as markets still expect Fed rate hike. RBNZ's 'purposeful easing' still being absorbed by traders

15th May 17, 8:11am

by Jason Wong

Under-shooting US data weighs on greenback even as markets still expect Fed rate hike. RBNZ's 'purposeful easing' still being absorbed by traders

NZD dip meets strong technical support

While markets don't buy RBNZ projections, they do accept that rate changes won't happen til inflation well over 2%. NZD's fall only takes it back to last week's level

12th May 17, 8:16am

by Jason Wong

While markets don't buy RBNZ projections, they do accept that rate changes won't happen til inflation well over 2%. NZD's fall only takes it back to last week's level

Commodity currencies top leaderboard

NOK, NZD, CAD and AUD are all up between 0.3-0.7% of the USD as oil prices rebound 3.5%; Trump's surprise sacking of FBI director Comey has little impact on the market; EUR loses afterglow from French election result

11th May 17, 8:05am

by Jason Wong

Bond market volatility low

Markets likely to discount the expected RBNZ dovish views, as global markets settle into a period with few surprises

11th May 17, 8:03am

by Jason Wong

Markets likely to discount the expected RBNZ dovish views, as global markets settle into a period with few surprises

NZD down against USD but up against AUD

USD continues to rise as Fed speakers state that economic outlook unchanged despite recent data; AUDUSD probed fresh lows since January, down 0.7%, and has found support at 0.7340; NZD now below 0.6900 USD and just under 0.9400 AUD

10th May 17, 8:01am

by Jason Wong

Higher across the board

Local rates rise in tandem with global yields, led by UK gilts. Markets pricing in official rate hikes in the US and NZ, although timelines are still long

10th May 17, 7:47am

by Jason Wong

Local rates rise in tandem with global yields, led by UK gilts. Markets pricing in official rate hikes in the US and NZ, although timelines are still long

Risk sentiment improves

Increased risk appetite has seen higher global bond yields, UST up 2-3 bps across the board, which, if sustained, should follow through to NZ rates; USD boosted by softer EUR; NZD has kept up with the USD, now trading at 0.6915

9th May 17, 8:22am

by Jason Wong

Risk sentiment rises after French election result

NZD outperforms all majors to trade at 0.6920 USD and 0.9320 AUD; USD fell after release of employment report, UST yields largely unaffected; local short end rates look to RBNZ announcement for direction

8th May 17, 8:10am

by Jason Wong

Rates steepen

NZ 2yr swap rate remained anchored at 2.31% and 10yr swap rate is up to 3.40%; UST rates also showed mild steepening, 10 yr at 2.35%, strong employment report tonight would provide an upside bias

5th May 17, 8:19am

by Jason Wong

NZ 2yr swap rate remained anchored at 2.31% and 10yr swap rate is up to 3.40%; UST rates also showed mild steepening, 10 yr at 2.35%, strong employment report tonight would provide an upside bias

Commodity currencies lower

NZD has suffered from a recent drop in commodity prices even though NZ commodity prices have held up, currently trading at 0.6855 USD; USD reversed gains from FOMC announcement as EUR strengthened

5th May 17, 8:10am

by Jason Wong

NZD has suffered from a recent drop in commodity prices even though NZ commodity prices have held up, currently trading at 0.6855 USD; USD reversed gains from FOMC announcement as EUR strengthened

NZD dragged down by weaker AUD

AUD was the weakest performer of the day, down 1.4% to 0.7430 USD; spillover effects have seen NZDUSD drop back below the 0.6900 level and it is trading around the session lows of 0.6880; FOMC statement pushed USD slightly higher

4th May 17, 8:19am

by Jason Wong

US Treasuries up after FOMC Statement

Probability of June rate hike moved from 63% to 75% after the FOMC announcement, with 36 bps increase priced in for rest of the year; NZ 2yr swap rate was unchanged but the 10yr was down 2 bps, driven by global forces

4th May 17, 8:08am

by Jason Wong

Market movements modest prior to tomorrow's FOMC statement

NZD up 0.4% to 0.6935 USD and back above the 0.9200 AUD level; VIX index continues to hover around a historically low level of 10; China growth slows; WTI Crude Oil down 2% to below US$48/brl

3rd May 17, 8:05am

by Jason Wong

NZD up 0.4% to 0.6935 USD and back above the 0.9200 AUD level; VIX index continues to hover around a historically low level of 10; China growth slows; WTI Crude Oil down 2% to below US$48/brl

Markets expect next Fed hike in June

UST yields move lower although local wholesale rates inch up. Eyes on NZ labour market readings; wage pressures expected

3rd May 17, 8:00am

by Jason Wong

UST yields move lower although local wholesale rates inch up. Eyes on NZ labour market readings; wage pressures expected

NZD and AUD find support

NZD and AUD head the leaderboard as they rise to 0.6910 and 0.7530 USD, NZDAUD trades at 0.9175; US data releases were on the soft side, but this only temporarily affected the USD as it ended the day almost flat

2nd May 17, 8:27am

by Jason Wong