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

Tight ranges, upside bias

RBNZ review not expected to be market moving. Eyes on RBA. US sees rush of corporate bond offerings

7th Mar 17, 7:59am

by Jason Wong

RBNZ review not expected to be market moving. Eyes on RBA. US sees rush of corporate bond offerings

Getting on top of a potential inflation problem

Yellen says Fed not 'behind the curve' this time. Local rates steady. New NZ 2040 inflation-indexed bond well supported

6th Mar 17, 9:23am

by Jason Wong

Yellen says Fed not 'behind the curve' this time. Local rates steady. New NZ 2040 inflation-indexed bond well supported

NZD weak despite USD reversal

USD TWI 0.6% lower despite Yellen's nod to March rate hike, suggesting exhaustion of buying pressure; NZD did not gain from USD fall, still at 0.7040 despite higher risk appetite, also weaker against the AUD at 0.9275

6th Mar 17, 8:00am

by Jason Wong

NZDUSD at lowest level since mid-January

USD pushed higher on Fed speakers indicating a March rate rise; NZD and AUD suffered the most, with NZDUSD trading around 0.7050; Australian trade balance was much lower than expected, this has seen NZDAUD rise back to 0.9325

3rd Mar 17, 8:34am

by Jason Wong

UST rates 'blast' higher

More upside pressure today with rate curves steepening as markets prepare for US Fed rate hikes, while they remain convinced Wheeler won't be moving local benchmarks any time soon

3rd Mar 17, 8:01am

by Jason Wong

More upside pressure today with rate curves steepening as markets prepare for US Fed rate hikes, while they remain convinced Wheeler won't be moving local benchmarks any time soon

Market increases probability of Fed hike in March

NZD reversed month-end gains, now trading at 0.7140 USD and 0.9300 AUD; global long-term rates up after comments after NY Fed President Dudley, UST 10yr yield up 9bps and NZ 10yr swap rate up 4.5bps

2nd Mar 17, 7:54am

by Jason Wong

NZD reversed month-end gains, now trading at 0.7140 USD and 0.9300 AUD; global long-term rates up after comments after NY Fed President Dudley, UST 10yr yield up 9bps and NZ 10yr swap rate up 4.5bps

Downward pressure as short positions unwind

Europeans lead rates lower. US bond traders see Fed changing its tune. Local markets see hikes coming later in year, with inflation stirring

27th Feb 17, 8:15am

by Jason Wong

Europeans lead rates lower. US bond traders see Fed changing its tune. Local markets see hikes coming later in year, with inflation stirring

USD nudges higher on mixed data

NZD at 0.7200 USD mark after trading in a tight range, edges up against the AUD; GBP weakest of all majors, down 0.7% against the USD; JPY strongest performer, up 0.4% against USD

27th Feb 17, 8:12am

by Jason Wong

NZD at 0.7200 USD mark after trading in a tight range, edges up against the AUD; GBP weakest of all majors, down 0.7% against the USD; JPY strongest performer, up 0.4% against USD

NZD recovers on a softer USD, global rates lower

NZDUSD back up to 0.7230 mark, local rates lower along with the US, EU and Australian rates; USD lower on FOMC minutes and US Treasury Secretary comments; EU bonds rally as political risk subsides slightly

24th Feb 17, 8:28am

by Jason Wong

NZDUSD and local rates trade in tight ranges

NZDUSD traded in a 25pip range and sits at around 0.7160; EU political risk remains in focus as centrist candidate withdraws from French election; Strong demand for AU bonds, 11bln bond issue attracts bids of 20bln

23rd Feb 17, 8:03am

by Jason Wong

Commodity currencies underperform alongside USD

NZD consolidates above 0.7200 USD, but down against JPY, EUR and GBP; USD-TWI down 0.4% despite strong US data, as speculative positioning already long; AUD fails to break past 0.7700 USD and is also weaker against the NZD at 1.0650

17th Feb 17, 8:13am

by Jason Wong

Markets seem exhausted

Despite data that should support sentiment, markets adopt a softer more cautious tone, with added concerns out of Europe

17th Feb 17, 8:01am

by Jason Wong

Despite data that should support sentiment, markets adopt a softer more cautious tone, with added concerns out of Europe

NZDUSD back up to the 0.7200 mark

USD ran into selling pressure last night, even though strong CPI and retail sales data increased odds of Fed tightening in March to 50%; NZD also up against EUR, JPY and GBP

16th Feb 17, 8:05am

by Jason Wong

USD ran into selling pressure last night, even though strong CPI and retail sales data increased odds of Fed tightening in March to 50%; NZD also up against EUR, JPY and GBP

Global forces raise local rates

Global reflation trade will press rates higher at some point. But in the short term short end rates will remain 'tightly bound'

16th Feb 17, 7:44am

by Jason Wong

Global reflation trade will press rates higher at some point. But in the short term short end rates will remain 'tightly bound'

NZD lower after Yellen's testimony, yields expected to rise

USD and UST yields higher on Yellen's testimony, USD-TWI up 0.3% and UST-10yr up 5bps; local rates expected to reflect push higher in US rates; NZDAUD lower after NAB business survey rises to pre-crises levels

15th Feb 17, 8:00am

by Jason Wong

NZD stable, movements to be lead by US events

NZD trading at 0.7170 USD and 0.9380 AUD, despite a surge in iron ore prices; USD consolidated last week's gains and looks forward to Yellen's testimony, US data flow and Trump policies

14th Feb 17, 8:02am

by Jason Wong

NZD trading at 0.7170 USD and 0.9380 AUD, despite a surge in iron ore prices; USD consolidated last week's gains and looks forward to Yellen's testimony, US data flow and Trump policies

Eyes on Yellen testimony

US Fed chief likely to keep alive 3 rate hikes in 2017. Markets sceptical. UST yields rise. Local wholesale rates likely to stay in a tight range

14th Feb 17, 7:57am

by Jason Wong

US Fed chief likely to keep alive 3 rate hikes in 2017. Markets sceptical. UST yields rise. Local wholesale rates likely to stay in a tight range

AUD top performer year-to-date

AUDUSD up 0.6% to 0.7675 as Trump's behaviour with Japan and China promotes a risk-on environment and fuels commodity prices; NZDUSD consolidates at the 0.72 mark after trading a tight range on Friday

13th Feb 17, 8:27am

by Jason Wong

Markets await a data shock

Another Fed official resigns. Local swap curve steepen following February MPS, but top end may be near

13th Feb 17, 7:55am

by Jason Wong

Another Fed official resigns. Local swap curve steepen following February MPS, but top end may be near

NZD lower on RBNZ's MPS

NZD trading at 0.7180 USD and 0.9420 AUD after MPS and Trump comments; USD boosted by Trump's promised tax changes; Yen suffers the most from the stronger USD, USDJPY back up to 113

10th Feb 17, 8:01am

by Jason Wong

NZD trading at 0.7180 USD and 0.9420 AUD after MPS and Trump comments; USD boosted by Trump's promised tax changes; Yen suffers the most from the stronger USD, USDJPY back up to 113

Bond rally not sustained

US yield falls are followed by even larger NZ falls. But a bounce today expected. Markets back away from pricing in a RBNZ hike in 2017

10th Feb 17, 7:55am

by Jason Wong

US yield falls are followed by even larger NZ falls. But a bounce today expected. Markets back away from pricing in a RBNZ hike in 2017

NZD trades in a narrow range

NZDUSD trading at 0.7320, similar levels to yesterday, prior to RBNZ rates announcement today; USD retreats slightly against all majors, USDJPY down 0.6%

9th Feb 17, 7:57am

by Jason Wong

NZDUSD trading at 0.7320, similar levels to yesterday, prior to RBNZ rates announcement today; USD retreats slightly against all majors, USDJPY down 0.6%

Yields lower across the board

Markets drift in US and Europe as traders lose conviction in the Fed-hike trade. Lack of inflation smoking gun has them wary

9th Feb 17, 7:57am

by Jason Wong

Markets drift in US and Europe as traders lose conviction in the Fed-hike trade. Lack of inflation smoking gun has them wary

Curve flattens

Longer term swap rates take a chunky fall. Attention now turns to RBNZ MPS. Observers see the RBNZ resistant to signaling a higher rate track in the outer period

8th Feb 17, 8:33am

by Jason Wong

Longer term swap rates take a chunky fall. Attention now turns to RBNZ MPS. Observers see the RBNZ resistant to signaling a higher rate track in the outer period

NZD reverses gains made from inflation expectation data

NZDUSD trading at 0.7320 after trading in a 1% range; USD makes a slight recovery as TWI up 0.4%; China foreign reserves dip below $3tln for the first time in six years

8th Feb 17, 8:03am

by Jason Wong

NZDUSD trading at 0.7320 after trading in a 1% range; USD makes a slight recovery as TWI up 0.4%; China foreign reserves dip below $3tln for the first time in six years