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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

May or June ?
UST yields move higher on Mnuchin comments spruiking ultra-long bonds. Markets jittery ahead of US Fed rate review
2nd May 17, 8:10am
by Jason Wong
UST yields move higher on Mnuchin comments spruiking ultra-long bonds. Markets jittery ahead of US Fed rate review
Markets show little sustained movement to data releases
NZD ended the week at 0.6866 USD, falling 2% in the month of April and about 6% over the last three months on a TWI basis; NZ rates were lower on Friday, 1-2 bps down across the curve; US GDP lower than expected, but market reaction was limited
1st May 17, 8:22am
by Jason Wong
NZD ended the week at 0.6866 USD, falling 2% in the month of April and about 6% over the last three months on a TWI basis; NZ rates were lower on Friday, 1-2 bps down across the curve; US GDP lower than expected, but market reaction was limited
Markets dismiss impact of Trump tax cuts
Dovish ECB sees German bond yields slip. NZGB bond yields also slip on strong demand. Eyes on US Q1 GDP
28th Apr 17, 8:11am
by Jason Wong
1
Dovish ECB sees German bond yields slip. NZGB bond yields also slip on strong demand. Eyes on US Q1 GDP
NZD remains out of favour
NZDUSD briefly fell to around 0.6850, below December's low, and currently trades at the 0.6875 level; ECB to “keep rates at present or lower levels for extended period of time”; SEK worst performer as Swedish central bank to purchase government bonds
28th Apr 17, 7:53am
by Jason Wong
NZDUSD briefly fell to around 0.6850, below December's low, and currently trades at the 0.6875 level; ECB to “keep rates at present or lower levels for extended period of time”; SEK worst performer as Swedish central bank to purchase government bonds
Local yield curve steepens ahead of data releases
Short rates range bound, but long rates rise steepening local curve. UST 10yr yields slip as markets sceptical of Trump tax plans
27th Apr 17, 9:16am
by Jason Wong
Short rates range bound, but long rates rise steepening local curve. UST 10yr yields slip as markets sceptical of Trump tax plans
NZD continues to underperform
NZDUSD trading lower at 0.6880, as USD strength continued to dominate markets; USD supported by Trump's tax cuts; AUDUSD also traded lower to 0.7470 and NZDAUD is at 0.9215
27th Apr 17, 7:44am
by Jason Wong
1
NZDUSD trading lower at 0.6880, as USD strength continued to dominate markets; USD supported by Trump's tax cuts; AUDUSD also traded lower to 0.7470 and NZDAUD is at 0.9215
Rates on the rise
Bond markets adjust after suspicion that price firming has been overdone. US Fed resolve and risk-on sentiment may underpin rises in local wholesale rates
26th Apr 17, 8:05am
by Jason Wong
Bond markets adjust after suspicion that price firming has been overdone. US Fed resolve and risk-on sentiment may underpin rises in local wholesale rates
Commodity currencies out of favour in a risk-on move
Market friendly French election result has seen an increase in global risk appetite; NZD, however, has not benefited from this and is trading at 0.6950 USD and 0.9220 AUD; EUR remains in favour and JPY suffers
26th Apr 17, 7:33am
by Jason Wong
Market friendly French election result has seen an increase in global risk appetite; NZD, however, has not benefited from this and is trading at 0.6950 USD and 0.9220 AUD; EUR remains in favour and JPY suffers
Local rates steepen with long end rises
US tax cuts take focus - but border tax may be abandoned. Implications for US deficits queried. US Fed says still on track for two more 2017 rate increases
24th Apr 17, 8:42am
by Jason Wong
US tax cuts take focus - but border tax may be abandoned. Implications for US deficits queried. US Fed says still on track for two more 2017 rate increases
Initial results from the French election increase risk appetite
NZD opens at 0.7040 USD making small gains on most of the crosses; EUR jumped up to 1.0930 USD this morning, up 1.8%, after exit polls indicated that Macron would be the likely winner of the French election; CAD and NOK lower as WTI Crude Oil fell 2%
24th Apr 17, 7:43am
by Jason Wong
NZD opens at 0.7040 USD making small gains on most of the crosses; EUR jumped up to 1.0930 USD this morning, up 1.8%, after exit polls indicated that Macron would be the likely winner of the French election; CAD and NOK lower as WTI Crude Oil fell 2%
Modest movement in markets as different factors come into play
NZD and local rates moved up after CPI release but subsequently reversed some gains, NZDUSD currently at 0.7010 and 2yr and 10yr swaps at 2.32% and 3.30%; despite soft data releases recently, US Fed speakers still looking to raise rates as planned
21st Apr 17, 7:51am
by Jason Wong
NZD and local rates moved up after CPI release but subsequently reversed some gains, NZDUSD currently at 0.7010 and 2yr and 10yr swaps at 2.32% and 3.30%; despite soft data releases recently, US Fed speakers still looking to raise rates as planned
NZ rates follow Wall Street
NZ CPI rise expected although RBNZ vows to 'look-through' it. Yield curve flatter. Markets welcome more NZGB supply
20th Apr 17, 8:10am
by Jason Wong
NZ CPI rise expected although RBNZ vows to 'look-through' it. Yield curve flatter. Markets welcome more NZGB supply
Commodity currencies underperform
NZD drops to the 0.7000 level against the USD as the USD finds some support after a weak run; AUD worst performer of the day, now trading around 0.7500 USD and 0.9340 NZD; GBP loses some gains made from the election announcement
20th Apr 17, 7:39am
by Jason Wong
1
NZD drops to the 0.7000 level against the USD as the USD finds some support after a weak run; AUD worst performer of the day, now trading around 0.7500 USD and 0.9340 NZD; GBP loses some gains made from the election announcement
NZD makes gains against USD and AUD, local rates quiet
NZD trades close to 0.7040 USD, around its high for the session, and above 0.9300 AUD; GBPUSD up over 2% as an early UK election announced; US Treasury rates lower on weak CPI data and delayed fiscal stimulus, 10yr rate down 7bps
19th Apr 17, 8:09am
by Jason Wong
NZD trades close to 0.7040 USD, around its high for the session, and above 0.9300 AUD; GBPUSD up over 2% as an early UK election announced; US Treasury rates lower on weak CPI data and delayed fiscal stimulus, 10yr rate down 7bps
NZD flat-to-up on most crosses
NZD trading at 0.7010 USD, driven by a weaker USD and strong China data; USD lower on Trump comments and weaker than expected CPI data; AUD pushes up to around 0.76 USD, sustaining gains seen after strong employment data, NZDAUD trading at 0.9230
18th Apr 17, 8:17am
by Jason Wong
NZD trading at 0.7010 USD, driven by a weaker USD and strong China data; USD lower on Trump comments and weaker than expected CPI data; AUD pushes up to around 0.76 USD, sustaining gains seen after strong employment data, NZDAUD trading at 0.9230
Short end soft
NZ rates flatter as markets question whether the US Fed will raise rates in 2017. UST 10yr yields bounce back from lows. NZ eyes on Q1 CPI
18th Apr 17, 8:07am
by Jason Wong
NZ rates flatter as markets question whether the US Fed will raise rates in 2017. UST 10yr yields bounce back from lows. NZ eyes on Q1 CPI
Markets vulnerable to lower yields
Investors pile in to NZ Govt bonds that are in short supply, driving yields to test the 3% level for the 10yr. Local swap rates show flatter bias
13th Apr 17, 10:43am
by Jason Wong
Investors pile in to NZ Govt bonds that are in short supply, driving yields to test the 3% level for the 10yr. Local swap rates show flatter bias
NZD and AUD underperform as risk appetite falls
NZD down between 0.3-0.7% on all crosses, trading at 0.6915 USD; AUD under pressure as well, as iron ore prices drop further; VIX index continues to rise, trading in the 15-16 range
13th Apr 17, 7:26am
by Jason Wong
NZD down between 0.3-0.7% on all crosses, trading at 0.6915 USD; AUD under pressure as well, as iron ore prices drop further; VIX index continues to rise, trading in the 15-16 range
Market rates going down
Global forces, pushed by heightened geopolitical risks, are weighing on yields as investors move into bonds for safety. NZ Govt 10yr on track to go sub 3%
12th Apr 17, 7:56am
by Jason Wong
Global forces, pushed by heightened geopolitical risks, are weighing on yields as investors move into bonds for safety. NZ Govt 10yr on track to go sub 3%
Commodity currencies hold in a risk-off environment
NZD and AUD changed less than 0.1% against the USD, NZD trading at 0.6955 USD and 0.9280 AUD; geopolitical risks continue to be centre-stage, Yen the strongest performer as the VIX rises to its highest level since US Presidential election
12th Apr 17, 7:50am
by Jason Wong
NZD and AUD changed less than 0.1% against the USD, NZD trading at 0.6955 USD and 0.9280 AUD; geopolitical risks continue to be centre-stage, Yen the strongest performer as the VIX rises to its highest level since US Presidential election
Geo-political risks take centre stage
German and US yields lower in a risk-off move triggered by the attack on Syria, US focus on North Korea and the French election; USD lower and NZD up against most crosses; local yields were up 3-6 bps yesterday, following global moves from the weekend
11th Apr 17, 8:09am
by Jason Wong
German and US yields lower in a risk-off move triggered by the attack on Syria, US focus on North Korea and the French election; USD lower and NZD up against most crosses; local yields were up 3-6 bps yesterday, following global moves from the weekend
US attack on Syria and US unemployment report drive NZ markets
NZD down to 0.6940 USD, local yields make fresh lows but expected to rise on market open; USD stronger and UST yields up as US unemployment rate falls to a lower-than-expected 4.5%; AUD lower as iron ore prices drop over 6% in one day, NZDAUD up to 0.9250
10th Apr 17, 8:17am
by Jason Wong
NZD down to 0.6940 USD, local yields make fresh lows but expected to rise on market open; USD stronger and UST yields up as US unemployment rate falls to a lower-than-expected 4.5%; AUD lower as iron ore prices drop over 6% in one day, NZDAUD up to 0.9250
Plenty of receiving interest from offshore investors
Local monetary conditions tightening, seeing some rates rise. Interest rate markets waiting on US jobs report. US Fed may first raise rates, then start bond selldown
7th Apr 17, 8:15am
by Jason Wong
Local monetary conditions tightening, seeing some rates rise. Interest rate markets waiting on US jobs report. US Fed may first raise rates, then start bond selldown
NZD records modest gains
NZDUSD traded a tight 30 point range and currently sits at 0.6970, NZDAUD up 0.4% to 0.9240; USD recovers some losses from the FOMC minutes which stated that the Fed may look to reduce the size of its balance sheet as securities mature later in the year
7th Apr 17, 8:11am
by Jason Wong
NZDUSD traded a tight 30 point range and currently sits at 0.6970, NZDAUD up 0.4% to 0.9240; USD recovers some losses from the FOMC minutes which stated that the Fed may look to reduce the size of its balance sheet as securities mature later in the year
NZD remains out of favour in a risk-on environment
USD rallied on strong payroll data but lost most of the gains after the release of FOMC minutes, this trend was reflected in the NZDUSD; AUD support by higher base metal prices has seen the NZD fall below the 0.92 AUD level
6th Apr 17, 8:11am
by Jason Wong
USD rallied on strong payroll data but lost most of the gains after the release of FOMC minutes, this trend was reflected in the NZDUSD; AUD support by higher base metal prices has seen the NZD fall below the 0.92 AUD level
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