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 3 months

Latest articles

US yield pullback could go further

Speculative short positions in US 10yr Treasuries at historic levels which may need unwinding. US on holiday. Rates in consolidation phase

16th Jan 17, 7:46am

by Jason Wong

Speculative short positions in US 10yr Treasuries at historic levels which may need unwinding. US on holiday. Rates in consolidation phase

Lots of data, no reaction

NZD holds it ground while Aussie slips. Upward pressure on short end of NZ interest rate curce 2yr swap rate rises to a fresh high of 2.5%

23rd Dec 16, 7:38am

by Jason Wong

NZD holds it ground while Aussie slips. Upward pressure on short end of NZ interest rate curce 2yr swap rate rises to a fresh high of 2.5%

Gone to the beach?

Lighter holiday volumes kick in. September quarter GDP results unlikely to move the NZD. Swedish casting vote raises eyebrows

22nd Dec 16, 8:25am

by Jason Wong

Lighter holiday volumes kick in. September quarter GDP results unlikely to move the NZD. Swedish casting vote raises eyebrows

Local markets now expect RBNZ hikes

Eyes on NZ GDP and current account. NZ rate curve flattens with markets fully pricing a 2017 RBNZ rate hike. Payside pressure at the short end

22nd Dec 16, 8:11am

by Jason Wong

Eyes on NZ GDP and current account. NZ rate curve flattens with markets fully pricing a 2017 RBNZ rate hike. Payside pressure at the short end

NZ swaps show downward bias across the yield curve

NZ 2yr swap rates down 1bps to 2.425% and 10yr rates down 2.5bps to 3.595%; UST 10yr yields up 2bps to 2.56%, trading in the 2.54%-2.59% range; German 10yr yields up 2bps to 0.27%

21st Dec 16, 8:01am

by Jason Wong

NZ 2yr swap rates down 1bps to 2.425% and 10yr rates down 2.5bps to 3.595%; UST 10yr yields up 2bps to 2.56%, trading in the 2.54%-2.59% range; German 10yr yields up 2bps to 0.27%

Modest currency movements in holiday-mode trading

USD up against most trading partners; VIX index under 12 is trading at bottom of 5yr range; NZDUSD trading at around 0.6920; USDJPY up 0.7% to 117.90

21st Dec 16, 7:50am

by Jason Wong

USD up against most trading partners; VIX index under 12 is trading at bottom of 5yr range; NZDUSD trading at around 0.6920; USDJPY up 0.7% to 117.90

NZGB yield curve belly underperforms

NZGB yields push higher making fresh highs; UST rates down across the yield curve; net speculative UST data shows short positions at historical highs, which should control yields in the short term; German 10yr yields down 7bps to 0.24%

20th Dec 16, 8:13am

by Jason Wong

Markets quiet as liquidity dries up

NZDUSD trades around the 0.6950 level; Australian fiscal data shows deterioration, but not enough for a rating downgrade; JPY shows strength against the USD and NZD

20th Dec 16, 7:55am

by Jason Wong

NZDUSD trades around the 0.6950 level; Australian fiscal data shows deterioration, but not enough for a rating downgrade; JPY shows strength against the USD and NZD

NZ long dated yields rise to fresh highs

NZ bond and swap yields up across the curve on increased monetary policy tightening expectations; UST rates lower, 2yr and 10yr rates down 2bps and 1bps respectively; UK and German 10yr rates fall by 5bps

19th Dec 16, 8:52am

by Jason Wong

NZD falls for the third consecutive day

NZD down 1.1% for the day and 2.4% for the week; AUD investors nervous ahead of fiscal update, which may result in a ratings downgrade from AAA; USD slightly down against the GBP, EUR and JPY

19th Dec 16, 8:32am

by Jason Wong

NZD down 1.1% for the day and 2.4% for the week; AUD investors nervous ahead of fiscal update, which may result in a ratings downgrade from AAA; USD slightly down against the GBP, EUR and JPY

European tailwind helps US rates fall

Global bond yields lower, led by a fall in European rates. Fall in Aussie GDP sees rise in chance of another RBA cut. Replacement NZ PM unlikely to see any market reaction

8th Dec 16, 8:19am

by Jason Wong

Global bond yields lower, led by a fall in European rates. Fall in Aussie GDP sees rise in chance of another RBA cut. Replacement NZ PM unlikely to see any market reaction

NZD continues to test the 0.7160 level

NZD back up to the 0.7155 levels based on a slightly weaker USD; GBP down 0.6% on lower UK industrial production; AUD bounces back to 0.7470 after negative GDP figures

8th Dec 16, 8:10am

by Jason Wong

NZD back up to the 0.7155 levels based on a slightly weaker USD; GBP down 0.6% on lower UK industrial production; AUD bounces back to 0.7470 after negative GDP figures

'Oversold' Kiwi heads to 72 USc

The NZD heading up and 'a fairer price in a world where risk appetite remains solid and commodity prices remain on an upward path'

5th Dec 16, 7:11am

by Jason Wong

The NZD heading up and 'a fairer price in a world where risk appetite remains solid and commodity prices remain on an upward path'

Expect local rates to slip today

Unexpected stall in US wage growth gets more attention than the unexpected drop in the jobless levels; reinforces Yellen views on 'high pressure' settings

5th Dec 16, 7:03am

by Jason Wong

Unexpected stall in US wage growth gets more attention than the unexpected drop in the jobless levels; reinforces Yellen views on 'high pressure' settings

Emerging market contagion

Forces behind sell-off in emerging market currencies impacting NZD; positive seasonal factors can push NZD higher; improving global activity indicators supporting commodities

25th Nov 16, 8:31am

by Jason Wong

Forces behind sell-off in emerging market currencies impacting NZD; positive seasonal factors can push NZD higher; improving global activity indicators supporting commodities

'Vulnerabilities remain significant for euro-area banks'

Local rates rise and steepen in response to offshore pressures. NZGB bond yields rise. ECB's Financial Stability Report

25th Nov 16, 8:14am

by Jason Wong

Local rates rise and steepen in response to offshore pressures. NZGB bond yields rise. ECB's Financial Stability Report

USD dominant

US economic data better than expected; NZD/USD breaks below 70c; GBP only gainer against USD

24th Nov 16, 8:20am

by Jason Wong

US economic data better than expected; NZD/USD breaks below 70c; GBP only gainer against USD

Upward pressure on yields

German yields rise on ECB moves. US yields rise on positive economic data. These moves will pressure local rates higher today

24th Nov 16, 7:49am

by Jason Wong

German yields rise on ECB moves. US yields rise on positive economic data. These moves will pressure local rates higher today

Market waiting for key Trump appointments

Trump's day one plans released via video; equity markets support Trump's actions as records set; NZD/USD range-bound

23rd Nov 16, 8:32am

by Jason Wong

Trump's day one plans released via video; equity markets support Trump's actions as records set; NZD/USD range-bound

Pause in bond selloff

Draghi goes out of his way to say the ECB isn't done yet with monetary accommodation. US markets have more than one Fed hike priced in as housing markest improve

23rd Nov 16, 8:16am

by Jason Wong

Draghi goes out of his way to say the ECB isn't done yet with monetary accommodation. US markets have more than one Fed hike priced in as housing markest improve

USD takes a break

Some gloss comes off USD rise; record high for S&P500; commodity currencies best performers; NZD/AUD probes 96c level

22nd Nov 16, 8:36am

by Jason Wong

Some gloss comes off USD rise; record high for S&P500; commodity currencies best performers; NZD/AUD probes 96c level

Politics strain markets

Fed's Fischer warns of limits to expanding the US fiscal deficit without 'consequences'. EU political stresses move into focus

22nd Nov 16, 7:59am

by Jason Wong

Fed's Fischer warns of limits to expanding the US fiscal deficit without 'consequences'. EU political stresses move into focus

Greenback grinds higher

Currency markets still coming to terms with the Trump world-view. Local strength from higher milk payout, rising confidence, higher retail means NZD gets hit less

21st Nov 16, 8:13am

by Jason Wong

Currency markets still coming to terms with the Trump world-view. Local strength from higher milk payout, rising confidence, higher retail means NZD gets hit less

'More debt, higher inflation, and tighter monetary policy'

New Zealand gets a "good old-fashioned bond selloff" and swaps get significant bear-steepening, following sharp changes on Wall Street

21st Nov 16, 8:01am

by Jason Wong

New Zealand gets a "good old-fashioned bond selloff" and swaps get significant bear-steepening, following sharp changes on Wall Street

Conciliatory tone from Trump turns markets

Trump curve-ball creates more uncertainty for markets; NZD/USD sold off, but could rebound on RBNZ statement; US stock markets up

10th Nov 16, 8:09am

by Jason Wong

Trump curve-ball creates more uncertainty for markets; NZD/USD sold off, but could rebound on RBNZ statement; US stock markets up