Jason Wong

US-China trade war has heated up but the market is taking this in its stride; most currencies have shown only modest changes since this time yesterday; NZD is the exception, up 0.7% since 7am yesterday

US-China trade war has heated up but the market is taking this in its stride; most currencies have shown only modest changes since this time yesterday; NZD is the exception, up 0.7% since 7am yesterday

NZD is up 0.7% to 0.7260, with much of that gain seen after the NZ close; AUD has lagged the move higher in commodity currencies; benchmark NZ 10-year bond fell to as low as 2.70% yesterday, a level not seen since June last year

NZD is up 0.7% to 0.7260, with much of that gain seen after the NZ close; AUD has lagged the move higher in commodity currencies; benchmark NZ 10-year bond fell to as low as 2.70% yesterday, a level not seen since June last year

US equities pummelled, China hits US products with new tariffs; US ISM weaker; currency alignments avoid the fallout with the NZD just a little softer

US equities pummelled, China hits US products with new tariffs; US ISM weaker; currency alignments avoid the fallout with the NZD just a little softer

Market selloff affects bonds but yields stay within six week range. NZ rates accept no-surprise RBNZ OCR review with local tightening a distant prospect

Market selloff affects bonds but yields stay within six week range. NZ rates accept no-surprise RBNZ OCR review with local tightening a distant prospect

USD has shown a mild but broadly based recovery overnight; GBP slightly softer against both the USD and EUR post BoE announcement; NZD trades this morning at 0.7225 USD

USD has shown a mild but broadly based recovery overnight; GBP slightly softer against both the USD and EUR post BoE announcement; NZD trades this morning at 0.7225 USD

US monetary policy remains on a clear tightening path; UST 10 yr yields 3 bps higher on the announcement; USD was already on a weaker path in overnight trading and has made modest losses since the announcement; FOMC sees the NZD back above the 0.72 mark

US monetary policy remains on a clear tightening path; UST 10 yr yields 3 bps higher on the announcement; USD was already on a weaker path in overnight trading and has made modest losses since the announcement; FOMC sees the NZD back above the 0.72 mark

Markets expect a +25 bps US Fed rate hike tomorrow but unsure of whether two or three more will follow in 2018. Local rates slipped

Markets expect a +25 bps US Fed rate hike tomorrow but unsure of whether two or three more will follow in 2018. Local rates slipped

NZD trades this morning just under the 0.72 mark and lower on all the key crosses; USD strengthened; EUR is on the soft side, down to 1.2260, reflecting flows more than fundamentals

NZD trades this morning just under the 0.72 mark and lower on all the key crosses; USD strengthened; EUR is on the soft side, down to 1.2260, reflecting flows more than fundamentals

US equities are much weaker, driven by the tech sector; in currencies GBP leads the way while the AUD has underperformed; NZD drifted lower before being supported by USD weakness; local swap rates up 1-2 bps across the curve

US equities are much weaker, driven by the tech sector; in currencies GBP leads the way while the AUD has underperformed; NZD drifted lower before being supported by USD weakness; local swap rates up 1-2 bps across the curve

NZD and AUD ended last week on a soft note, with the NZD down 0.8% and AUD down 1.1%; USD indices were slightly up for the day; UST 10yr yield up to 2.84%; NZ rates fell 4-5bps for government bonds and 1-2bps for swaps

NZD and AUD ended last week on a soft note, with the NZD down 0.8% and AUD down 1.1%; USD indices were slightly up for the day; UST 10yr yield up to 2.84%; NZ rates fell 4-5bps for government bonds and 1-2bps for swaps

Draghi in spotlight, damping down talk their dovish settings are ending. New NZGB issuance causes no surprises. Eyes now turn to Japan, then US payrolls

Draghi in spotlight, damping down talk their dovish settings are ending. New NZGB issuance causes no surprises. Eyes now turn to Japan, then US payrolls

USD up as the US policy on steel and aluminium tariffs looks to be watered down; EUR has underperformed as the ECB dropped its easing bias; NZD nudge down to around 0.7260 on USD strength

USD up as the US policy on steel and aluminium tariffs looks to be watered down; EUR has underperformed as the ECB dropped its easing bias; NZD nudge down to around 0.7260 on USD strength

Two Fed members, including a dove, get more hawkish. Eyes turn to US jobs data and ECB policy settings

Two Fed members, including a dove, get more hawkish. Eyes turn to US jobs data and ECB policy settings

USD is flat to stronger against all the majors overnight; against the risk-off mood yesterday, the NZD held up pretty well, but drifted down to 0.7260 this morning; Brexit news continues to hang over GBP and EUR

USD is flat to stronger against all the majors overnight; against the risk-off mood yesterday, the NZD held up pretty well, but drifted down to 0.7260 this morning; Brexit news continues to hang over GBP and EUR

NZD has outperformed, trading at around 0.7300 USD; AUD has pushed up through 0.7800 USD; safe-havens such as CHF, JPY and USD have underperformed; US 10-year Treasury yield currently down 1 bp from the NZ close

NZD has outperformed, trading at around 0.7300 USD; AUD has pushed up through 0.7800 USD; safe-havens such as CHF, JPY and USD have underperformed; US 10-year Treasury yield currently down 1 bp from the NZ close

NZD was generally lower through the Asian session, finding some support just above the 0.72 mark; GBP has outperformed, seeing a lift after UK PM May spoke in Parliament; CAD has been a notable underperformer

NZD was generally lower through the Asian session, finding some support just above the 0.72 mark; GBP has outperformed, seeing a lift after UK PM May spoke in Parliament; CAD has been a notable underperformer

NZ Govt bond yields mirror gains in US rates but local swaps don't react. Eyes on Aussie data today and the RBA update

NZ Govt bond yields mirror gains in US rates but local swaps don't react. Eyes on Aussie data today and the RBA update

US equities managed to trend higher through the course of the day, ending up 0.5%; US 10-year yields reversed the previous day’s fall; USD remained on a softer trajectory; NZD closed the week at around 0.7240

US equities managed to trend higher through the course of the day, ending up 0.5%; US 10-year yields reversed the previous day’s fall; USD remained on a softer trajectory; NZD closed the week at around 0.7240

A heavy wave of US T-bill and Treasury bond issuance starts week to support widening US fiscal deficit. Bid-cover lowest in a decade, foreign central banks buying

A heavy wave of US T-bill and Treasury bond issuance starts week to support widening US fiscal deficit. Bid-cover lowest in a decade, foreign central banks buying

USD major currency TWI is up 0.5% for the session, taking its cumulative gain since the intraday low on Friday to 1.5%; NZD has traded in a tight range overnight and sits this morning around 0.7350 USD; GBP has been the strongest of the majors

USD major currency TWI is up 0.5% for the session, taking its cumulative gain since the intraday low on Friday to 1.5%; NZD has traded in a tight range overnight and sits this morning around 0.7350 USD; GBP has been the strongest of the majors

Various USD indices recovered by 0.8-0.9% by the close of the week; NZD was modestly higher on most of the crosses; EUR was the weakest, closing near 1.2400 USD

Various USD indices recovered by 0.8-0.9% by the close of the week; NZD was modestly higher on most of the crosses; EUR was the weakest, closing near 1.2400 USD

US public holiday brings light calendar. Impressive US data overshadowed by Mueller's indictments, and impending tariff actions. Fed minutes eyed for clues about number of hikes

US public holiday brings light calendar. Impressive US data overshadowed by Mueller's indictments, and impending tariff actions. Fed minutes eyed for clues about number of hikes

Equities signal risk-on but bonds don't play by the same script. EU surplus with US grows. NZ rates play catchup with USTs with NZG 10yr yield rising

Equities signal risk-on but bonds don't play by the same script. EU surplus with US grows. NZ rates play catchup with USTs with NZG 10yr yield rising

JPY and CHF that have outperformed over the past 24 hours, while the USD is lower against all the majors; GBP has also performed well; NZD trades this morning at 0.7380 near the level at the NZ close; AUD has been the worst performer for the day

JPY and CHF that have outperformed over the past 24 hours, while the USD is lower against all the majors; GBP has also performed well; NZD trades this morning at 0.7380 near the level at the NZ close; AUD has been the worst performer for the day

US CPI rose by 0.3% m/m in January, 0.1 percentage points ahead of market expectations; US Treasury rates were higher across the curve; CPI's positive impact on the USD quickly faded; NZD is currently trading around 0.7340 USD

US CPI rose by 0.3% m/m in January, 0.1 percentage points ahead of market expectations; US Treasury rates were higher across the curve; CPI's positive impact on the USD quickly faded; NZD is currently trading around 0.7340 USD