Jason Wong

The Fed's Powell and Mester play their roles, seeing 'great progress' and 'upside risks'. Market eyes on US CPI with consensus variance the trigger for reaction

The Fed's Powell and Mester play their roles, seeing 'great progress' and 'upside risks'. Market eyes on US CPI with consensus variance the trigger for reaction

The two safe-haven currencies, JPY and CHF have outperformed; softer USD sees EUR up 0.5% to 1.2360 and GBP up 0.3% to 1.3880; commodity currencies have underperformed; NZDUSD has nudged up to 0.7280

The two safe-haven currencies, JPY and CHF have outperformed; softer USD sees EUR up 0.5% to 1.2360 and GBP up 0.3% to 1.3880; commodity currencies have underperformed; NZDUSD has nudged up to 0.7280

Higher global rates start to feed into local markets. Markets ignoring dovish RBNZ views. Rising US debt getting ratings agency attention

Higher global rates start to feed into local markets. Markets ignoring dovish RBNZ views. Rising US debt getting ratings agency attention

NZD peaked around the local close at 0.7277 yesterday and has back nudged down to 0.7240; EUR, GBP and JPY changes versus the USD are all currently within 0.1% of the weekend close

NZD peaked around the local close at 0.7277 yesterday and has back nudged down to 0.7240; EUR, GBP and JPY changes versus the USD are all currently within 0.1% of the weekend close

USD held on to its gains seen earlier in the week; NZD was up 0.5% to 0.7255 USD, reducing its loss for the week to just 0.6%; GBP was the worst performer

USD held on to its gains seen earlier in the week; NZD was up 0.5% to 0.7255 USD, reducing its loss for the week to just 0.6%; GBP was the worst performer

Economic analysts and markets view the rising tide of US Government debt differently. US curves steepen. Economists see four Fed hikes in 2018, markets now less than three

Economic analysts and markets view the rising tide of US Government debt differently. US curves steepen. Economists see four Fed hikes in 2018, markets now less than three

UST 10yr can't break higher. NZ bond yields nudge up. Eyes on US non-farm payrolls report but expectations aren't high

UST 10yr can't break higher. NZ bond yields nudge up. Eyes on US non-farm payrolls report but expectations aren't high

Various USD indices were down around 0.3% for the day; NZD finds itself back up to the 0.7400 USD mark; EUR is back up probing the 1.25 USD mark; GBP has largely managed to keep pace with the EUR

Various USD indices were down around 0.3% for the day; NZD finds itself back up to the 0.7400 USD mark; EUR is back up probing the 1.25 USD mark; GBP has largely managed to keep pace with the EUR

Local rates pressed by higher US rates and lower AU rates with the Aussie influence tending to revail with slightly lower yields

Local rates pressed by higher US rates and lower AU rates with the Aussie influence tending to revail with slightly lower yields

NZD has performed well amidst a mildly softer USD backdrop, now trading at 0.7370 USD; NZDAUD moved on to a higher plane to around 0.9140 after the Australian CPI result; JPY has been the weakest of the majors

NZD has performed well amidst a mildly softer USD backdrop, now trading at 0.7370 USD; NZDAUD moved on to a higher plane to around 0.9140 after the Australian CPI result; JPY has been the weakest of the majors

USD appears to be in some sort of consolidation mode over recent days, after the steady fall we’ve seen since mid-December; US 10-year yields have consolidated around the 2.70% mark; NZD trading at 0.7335 USD after dipping to 0.7280 last evening

USD appears to be in some sort of consolidation mode over recent days, after the steady fall we’ve seen since mid-December; US 10-year yields have consolidated around the 2.70% mark; NZD trading at 0.7335 USD after dipping to 0.7280 last evening

UST 10-year yield up 4bps from the weekend close to 2.70% and poking its head above 2.725%; USD is on a higher trajectory, rising against all the majors; NZD is weaker, closing in on 0.7300

UST 10-year yield up 4bps from the weekend close to 2.70% and poking its head above 2.725%; USD is on a higher trajectory, rising against all the majors; NZD is weaker, closing in on 0.7300

Bond yields rise, German bunds +2 bps, USTs +4 bps. But breakout elusive. Eyes on US payrolls

Bond yields rise, German bunds +2 bps, USTs +4 bps. But breakout elusive. Eyes on US payrolls

Trump 'corrects' Mnuchin on USD, BofJ says inflation farget close, Aussie dollar on the rise, currency market ignore weak NZ CPI

Trump 'corrects' Mnuchin on USD, BofJ says inflation farget close, Aussie dollar on the rise, currency market ignore weak NZ CPI

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