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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

Chinese yuan down
AUD sustains sharp lift seen after RBA delivers another rate hike
NZD and AUD performance held back overnight by weak yuan on speculation of further policy easing to support China's economy. US Treasury rates flat to slightly higher. NZ rates play catch-up after long weekend
7th Jun 23, 7:56am
by Jason Wong
NZD and AUD performance held back overnight by weak yuan on speculation of further policy easing to support China's economy. US Treasury rates flat to slightly higher. NZ rates play catch-up after long weekend
USD broadly weaker; Strong 1% gains for commodity currencies overnight
Higher Caixin China PMI, lower Euro area inflation, soft ISM manufacturing report with lower prices paid, strong ADP employment with lower wage inflation, all deliver positive risk sentiment after US gets debt deal done
2nd Jun 23, 8:00am
by Jason Wong
Higher Caixin China PMI, lower Euro area inflation, soft ISM manufacturing report with lower prices paid, strong ADP employment with lower wage inflation, all deliver positive risk sentiment after US gets debt deal done
weak yuan
CNY, NZD and AUD trade at fresh lows for the year
Mixed US JOLTS report, with more job openings but lower quits rate; Weak Chicago PMI. These forces drive US Treasury yields lower again. Softer than expected China PMI data weighs on the market
1st Jun 23, 8:08am
by Jason Wong
Mixed US JOLTS report, with more job openings but lower quits rate; Weak Chicago PMI. These forces drive US Treasury yields lower again. Softer than expected China PMI data weighs on the market
devaluing yuan
Weaker yuan drags down NZD to fresh recent low
US Treasury yields down 9-11 bps following debt ceiling agreement. Weaker US consumer confidence and labour market data and soft Euro area CPI data support the move. Weaker commodity prices not helping NZD, oil down over 4%
31st May 23, 8:00am
by Jason Wong
US Treasury yields down 9-11 bps following debt ceiling agreement. Weaker US consumer confidence and labour market data and soft Euro area CPI data support the move. Weaker commodity prices not helping NZD, oil down over 4%
waiting for Congress
NZD firms slightly
Small market movements following the weekend US debt ceiling agreement. US equity futures up 0.3%; Treasury futures little changed, AUD slightly higher
30th May 23, 8:06am
by Jason Wong
Small market movements following the weekend US debt ceiling agreement. US equity futures up 0.3%; Treasury futures little changed, AUD slightly higher
USD well bid; NZD and AUD fall to fresh lows for the year
Global rates much higher as the market prices in additional tightening from the Fed, ECB and BoE. US 2-year rate up for the tenth day running. Mixed economic data; Germany officially in recession, US GDP revised slightly higher
26th May 23, 7:55am
by Jason Wong
1
Global rates much higher as the market prices in additional tightening from the Fed, ECB and BoE. US 2-year rate up for the tenth day running. Mixed economic data; Germany officially in recession, US GDP revised slightly higher
Wall of worry
Risk sentiment weaker on a wall of worry
Little progress on US debt ceiling negotiations. A number of China concerns in the spotlight, and a big upside miss for UK CPI inflation. AUD hits a fresh low for the year but NZD/AUD still down 1.3% to 93.3 AUc
25th May 23, 8:19am
by Jason Wong
Little progress on US debt ceiling negotiations. A number of China concerns in the spotlight, and a big upside miss for UK CPI inflation. AUD hits a fresh low for the year but NZD/AUD still down 1.3% to 93.3 AUc
Waiting nervously
Domestic rates climb as nerves evident ahead of RBNZ MPS
Weaker risk appetite as unresolved debt ceiling negotiations hog the headlines. Equities lower, modest changes in Treasuries, USD broadly stronger; NZD and AUD underperform
24th May 23, 7:48am
by Jason Wong
4
Weaker risk appetite as unresolved debt ceiling negotiations hog the headlines. Equities lower, modest changes in Treasuries, USD broadly stronger; NZD and AUD underperform
biden and mccarthy
Domestic rates retrace modestly after last week's brutal selloff
The two sides still far apart as the US debt X-date approaches. Modest market movements in a quiet start to the week; US Treasury yields push higher; US equities push higher. NZD tracks sideways
23rd May 23, 8:11am
by Jason Wong
The two sides still far apart as the US debt X-date approaches. Modest market movements in a quiet start to the week; US Treasury yields push higher; US equities push higher. NZD tracks sideways
Broadly based USD strength; NZD falls
US Treasury yields higher after more positive vibes on US debt ceiling negotiations, a drop in initial jobless claims. NZ Budget conveys picture of loose fiscal policy, with large cash deficit, rising debt levels. S&P fires warning shot on credit rating
19th May 23, 8:03am
by Jason Wong
US Treasury yields higher after more positive vibes on US debt ceiling negotiations, a drop in initial jobless claims. NZ Budget conveys picture of loose fiscal policy, with large cash deficit, rising debt levels. S&P fires warning shot on credit rating
market sentiment indicator
Higher risk appetite supports commodity currencies
Risk sentiment higher on less fear of an imminent US debt default and less concern on US banking sector. US equities up over 1%, US Treasury rates higher for a fourth consecutive day. NZ rates higher on revised OCR calls
18th May 23, 7:42am
by Jason Wong
Risk sentiment higher on less fear of an imminent US debt default and less concern on US banking sector. US equities up over 1%, US Treasury rates higher for a fourth consecutive day. NZ rates higher on revised OCR calls
AUD weaker. NZD less impacted
US Treasury yields push higher, market weighed by corporate supply. NZ rates higher after Westpac's 6% OCR call. Soft China data weigh on yuan and AUD; modest lift in USD
17th May 23, 8:08am
by Jason Wong
US Treasury yields push higher, market weighed by corporate supply. NZ rates higher after Westpac's 6% OCR call. Soft China data weigh on yuan and AUD; modest lift in USD
mixed messages sign
USD broadly weaker. NZD trading safely back above 62 USc
US Treasury yields push higher; plunge in US Empire manufacturing survey soon forgotten; mixed messages from FOMC members. Locally, Westpac changes NZ rate call to a 6% OCR peak
16th May 23, 7:56am
by Jason Wong
US Treasury yields push higher; plunge in US Empire manufacturing survey soon forgotten; mixed messages from FOMC members. Locally, Westpac changes NZ rate call to a 6% OCR peak
NZD and AUD down more than 1% overnight
Weak China data drive commodity prices lower. US jobless claims trending much higher now, PPI data support weaker inflation backdrop. Risk off tone supports global bond markets and broadly based gains in USD
12th May 23, 7:47am
by Jason Wong
Weak China data drive commodity prices lower. US jobless claims trending much higher now, PPI data support weaker inflation backdrop. Risk off tone supports global bond markets and broadly based gains in USD
USD better bid; NZD slips a touch. NZD/AUD slightly higher
Markets trade cautiously ahead of Biden/McCarthy debt ceiling meeting and US CPI. Treasuries extend recent sell-off. China trade data weak. US small business survey weak. Big improvement in Australian fiscal metrics contrasts with big deterioration in NZ
10th May 23, 7:46am
by Jason Wong
1
Markets trade cautiously ahead of Biden/McCarthy debt ceiling meeting and US CPI. Treasuries extend recent sell-off. China trade data weak. US small business survey weak. Big improvement in Australian fiscal metrics contrasts with big deterioration in NZ
NZD a strong performer
NZD higher on all crosses. NZ rates higher on global forces
US Treasury yields show further upside, lifting 8-9bps. Most major currencies show little net movement against the USD; NZD and AUD outperform. Fed Senior Loan Officer Survey shows further tightening in lending standards and softer business credit demand
9th May 23, 7:46am
by Jason Wong
US Treasury yields show further upside, lifting 8-9bps. Most major currencies show little net movement against the USD; NZD and AUD outperform. Fed Senior Loan Officer Survey shows further tightening in lending standards and softer business credit demand
NZD break above 63 USc not sustained
Risk appetite recovered on Friday, seeing US banking stocks bounce higher and strong gains in US equities. US employment report mixed although still consistent with a tight labour market
8th May 23, 7:52am
by Jason Wong
Risk appetite recovered on Friday, seeing US banking stocks bounce higher and strong gains in US equities. US employment report mixed although still consistent with a tight labour market
fallen rider
NZD outperforms, nearly breaks 63 USc; NZD/AUD breaks 94 AUc
More US bank casualties in the spotlight driving Banks down and weaker US equities overall, adds to the case of Fed being done with the hiking cycle. Market has increased conviction that the Fed will be forced into easing in second half. Curve steepens
5th May 23, 8:11am
by Jason Wong
1
More US bank casualties in the spotlight driving Banks down and weaker US equities overall, adds to the case of Fed being done with the hiking cycle. Market has increased conviction that the Fed will be forced into easing in second half. Curve steepens
NZD modestly higher. NZ curve flattens after strong labour market data. 2s10s inversion at GFC levels
Fed hikes 25bps as expected; softens forward guidance on future tightening. Modest market reaction; market sees Fed done after 500bps of hikes. USD broadly weaker and US Treasury yields slightly lower
4th May 23, 7:46am
by Jason Wong
1
Fed hikes 25bps as expected; softens forward guidance on future tightening. Modest market reaction; market sees Fed done after 500bps of hikes. USD broadly weaker and US Treasury yields slightly lower
currency track
USD broadly stronger but AUD outperforms
Little fallout by another US major bank failure. US Treasury rates up 12-15bps; reverses Friday's move; ISM report slightly stronger than expected. Indigestion from significant corporate debt issuance ahead of Fed this week
2nd May 23, 7:57am
by Jason Wong
Little fallout by another US major bank failure. US Treasury rates up 12-15bps; reverses Friday's move; ISM report slightly stronger than expected. Indigestion from significant corporate debt issuance ahead of Fed this week
NZD outperforms
Softer than expected German CPI, GDP and Euro area GDP data drive German Bunds down 14-15bps. This supported US Treasuries, with US 10-year rate down 10bps to 3.42%. JGBs rally
1st May 23, 7:25am
by Jason Wong
Softer than expected German CPI, GDP and Euro area GDP data drive German Bunds down 14-15bps. This supported US Treasuries, with US 10-year rate down 10bps to 3.42%. JGBs rally
bfast
Breakfast briefing: US first quarter GDP data conveys 'a picture of stagflation'
Federal Reserve seen hiking 25 basis points next week after 'stagflation-like' GDP release
28th Apr 23, 7:25am
by Jason Wong
44
Federal Reserve seen hiking 25 basis points next week after 'stagflation-like' GDP release
bfast
Breakfast briefing: First Republic Bank remains under the pump
NZ and Aussie dollars languishing after Aussie CPI comes in at the bottom end of market estimates
27th Apr 23, 7:28am
by Jason Wong
78
NZ and Aussie dollars languishing after Aussie CPI comes in at the bottom end of market estimates
bfast
Breakfast briefing: Will the US economy even get close to recession?
US, UK and Euro area might avoid or skirt recession, pricing indicators still too high for comfort, NZ$ & interest rates lower
24th Apr 23, 7:21am
by Jason Wong
42
US, UK and Euro area might avoid or skirt recession, pricing indicators still too high for comfort, NZ$ & interest rates lower
NZ rates and NZD fall after big downside miss to NZ CPI
Global rates lower after their recent rise; Treasury yields down 5-7bps, German 10-year rate falls for first time in over two weeks. Second-tier US economic data paint softer economic picture and lower oil prices support the move
21st Apr 23, 7:47am
by Jason Wong
Global rates lower after their recent rise; Treasury yields down 5-7bps, German 10-year rate falls for first time in over two weeks. Second-tier US economic data paint softer economic picture and lower oil prices support the move
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