Jason Wong

Global bond selloff based on coordinated central bank messaging, has seen sharp yield gains in the past week, even in New Zealand which is ignoring recent RBNZ guidance

Global bond selloff based on coordinated central bank messaging, has seen sharp yield gains in the past week, even in New Zealand which is ignoring recent RBNZ guidance

Less dovish comments from central banks are driving a global bond and equity sell-off, which is being led by Europe; NZD the worst performing currency, along with a soft USD, in a risk-off environment

Less dovish comments from central banks are driving a global bond and equity sell-off, which is being led by Europe; NZD the worst performing currency, along with a soft USD, in a risk-off environment

German bonds trade in a wide range as markets decipher ECB policy; US Treasuries followed gyrations in German rates; local rates were up following previous day's offshore move

German bonds trade in a wide range as markets decipher ECB policy; US Treasuries followed gyrations in German rates; local rates were up following previous day's offshore move

Central bankers outling a more positive tone and signalling removal of monetary accommodation, supported the CAD, EUR and GBP; NZD still trading around 0.7300 USD; AUD remains supported by commodity prices

Central bankers outling a more positive tone and signalling removal of monetary accommodation, supported the CAD, EUR and GBP; NZD still trading around 0.7300 USD; AUD remains supported by commodity prices

NZDUSD continues to test the 0.7300 resistance level, now trading at 0.7280; US rates higer and curve steeper, this should translate to higher local rates today; EUR surges and German bonds rise on hawkish comments by Draghi, effects spill over to the GBP

NZDUSD continues to test the 0.7300 resistance level, now trading at 0.7280; US rates higer and curve steeper, this should translate to higher local rates today; EUR surges and German bonds rise on hawkish comments by Draghi, effects spill over to the GBP

Another quiet day for the markets, with most currency movements against the USD within 0.2% of the previous close; AUD and CAD up slightly as oil prices rise for the third consecutive day; Yen underperforms

Another quiet day for the markets, with most currency movements against the USD within 0.2% of the previous close; AUD and CAD up slightly as oil prices rise for the third consecutive day; Yen underperforms

Interest rates vulnerable to rises on good news. But near term looks like a period of consolidation. Our yield curve will be largely determined by the path of US long-term rates

Interest rates vulnerable to rises on good news. But near term looks like a period of consolidation. Our yield curve will be largely determined by the path of US long-term rates

UST 10yr bonds traded in a 2.5 bps range, tending towards the bottom of the range at market close; NZ swap curve barely changed with 2yr rate at 2.205% and 10yr at 3.1350%; strong demand for 20yr NZ government bonds; local bond yields lower

UST 10yr bonds traded in a 2.5 bps range, tending towards the bottom of the range at market close; NZ swap curve barely changed with 2yr rate at 2.205% and 10yr at 3.1350%; strong demand for 20yr NZ government bonds; local bond yields lower

All major currencies were up 0.3-0.4% against the USD, with NZD gaining 0.3% to trade at 0.7285 at last week's close; NZD largely flat against other majors but downside risk exists from speculative long positions being at highest levels in 4 years

All major currencies were up 0.3-0.4% against the USD, with NZD gaining 0.3% to trade at 0.7285 at last week's close; NZD largely flat against other majors but downside risk exists from speculative long positions being at highest levels in 4 years

NZD up 0.6% since RBNZ's OCR review, now trading at 0.7265 USD; US and local yields remain tightly range bound; CAD the best performer as oil prices find support and data releases exceed expectations

NZD up 0.6% since RBNZ's OCR review, now trading at 0.7265 USD; US and local yields remain tightly range bound; CAD the best performer as oil prices find support and data releases exceed expectations

Commodity currencies marginally lower against the USD; NZD down against most majors; local rates had modest downwards pressure from previous day's US moves; GBP recovers some lost ground

Commodity currencies marginally lower against the USD; NZD down against most majors; local rates had modest downwards pressure from previous day's US moves; GBP recovers some lost ground

NZDUSD is back hovering around the 0.7250 technical reistance level; local rate curve flattens; lower oil prices drag down US Treasury yields as inflation expectations lower; GBP lower on BoE Governor's speech

NZDUSD is back hovering around the 0.7250 technical reistance level; local rate curve flattens; lower oil prices drag down US Treasury yields as inflation expectations lower; GBP lower on BoE Governor's speech

NZD at day's low around 0.7230 USD after touching 0.7300 on an illiquid day; local rates biased upwards; USD up and UST higher across the curve on NY Fed's Dudley's speech, market remains sceptical that the Fed will raise rates this year

NZD at day's low around 0.7230 USD after touching 0.7300 on an illiquid day; local rates biased upwards; USD up and UST higher across the curve on NY Fed's Dudley's speech, market remains sceptical that the Fed will raise rates this year

Markets vulnerable to over-reaction if positive data returns. Mood of central bankers may be turning more hawkish. Local rates chase US rates higher

Markets vulnerable to over-reaction if positive data returns. Mood of central bankers may be turning more hawkish. Local rates chase US rates higher

NZDUSD gained 0.6% last week, RBNZ OCR review this week is expected to have little surprise; USD unwinds some post-FOMC gains and nudged lower on weaker than expected data

NZDUSD gained 0.6% last week, RBNZ OCR review this week is expected to have little surprise; USD unwinds some post-FOMC gains and nudged lower on weaker than expected data

Expect a modest bounce in local rates today following Wall Street moves. Markets underpricing future Fed rises

Expect a modest bounce in local rates today following Wall Street moves. Markets underpricing future Fed rises

NZD lower on weaker than expected GDP data and stronger USD; USD up as markets continue to digest FOMC statement; AUD well supported after employment data, currently at 0.7580 USD

NZD lower on weaker than expected GDP data and stronger USD; USD up as markets continue to digest FOMC statement; AUD well supported after employment data, currently at 0.7580 USD

NZD reached a high of 0.7318 USD before moving back down to 0.7255; GBP underperforms; CAD underperforms as oil prices fall to lowest level in a month

NZD reached a high of 0.7318 USD before moving back down to 0.7255; GBP underperforms; CAD underperforms as oil prices fall to lowest level in a month

US Fed holds to its optimistic outlook even as data sags. Indications are for four more hikes in this cycle and at least one more this year

US Fed holds to its optimistic outlook even as data sags. Indications are for four more hikes in this cycle and at least one more this year

US rate hike may see fewer following if markets are picking it correctly, even as dot-plot influence changes. QE windback influences rising in importance

US rate hike may see fewer following if markets are picking it correctly, even as dot-plot influence changes. QE windback influences rising in importance

NZD looking at the 0.7250 resistance level; GBP recovers and CAD continues to outperform; other majors quiet against the USD

NZD looking at the 0.7250 resistance level; GBP recovers and CAD continues to outperform; other majors quiet against the USD

NZD consolidates around the 0.7200 USD level; GBP remains under pressure and CAD outperforms; UK yields down; US and local rates stable

NZD consolidates around the 0.7200 USD level; GBP remains under pressure and CAD outperforms; UK yields down; US and local rates stable

Little market reaction to UK election, US Fed rate hike all priced in, NZ swap-bond spreads streched, so narrowing is due

Little market reaction to UK election, US Fed rate hike all priced in, NZ swap-bond spreads streched, so narrowing is due

NZD traded a 25 point range against the USD and ended at 0.7210; GBP weaker on surprise election result, NZD up 1.6% against the GBP; currencies, other than GBP, close within 0.2% versus the USD

NZD traded a 25 point range against the USD and ended at 0.7210; GBP weaker on surprise election result, NZD up 1.6% against the GBP; currencies, other than GBP, close within 0.2% versus the USD

Politics in Italy, the ECB stance, polling in the UK, and testimony in the US all push rates in various directions. There are no local influences on NZ rates

Politics in Italy, the ECB stance, polling in the UK, and testimony in the US all push rates in various directions. There are no local influences on NZ rates