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 4 months

Latest articles

Volatility unusually low

Little change in yields as markets settle in, unprepared for the unexpected. Better German and worse US indicators ignored. Eyes now on AU CPI release

26th Oct 16, 7:50am

by Jason Wong

Little change in yields as markets settle in, unprepared for the unexpected. Better German and worse US indicators ignored. Eyes now on AU CPI release

Weaker Chinese economy

China's trade balance falls short of expectations; jobless claims in US lowest since 1948; USD rally finally meets resistance; domestic factors NZD positive

14th Oct 16, 8:20am

by Jason Wong

China's trade balance falls short of expectations; jobless claims in US lowest since 1948; USD rally finally meets resistance; domestic factors NZD positive

Local rates drop, mimicking global trends

European bond yields fall, pressing US rates, and in turn New Zealand rates. Strong NZ Govt. fiscal position suggests lower supply of NZGBs available in future

14th Oct 16, 7:57am

by Jason Wong

European bond yields fall, pressing US rates, and in turn New Zealand rates. Strong NZ Govt. fiscal position suggests lower supply of NZGBs available in future

USD at 7-month highs

Minutes suggest FOMC hold decision was a close call; NZD technical position remains negative; NZD/AUD tests fresh lows

13th Oct 16, 9:16am

by Jason Wong

Minutes suggest FOMC hold decision was a close call; NZD technical position remains negative; NZD/AUD tests fresh lows

Local rates get up bias

RBNZ locks itself into a November cut, even if CPI surprises higher next week. Further easing possible. But rates in rest of world are rising

13th Oct 16, 8:21am

by Jason Wong

RBNZ locks itself into a November cut, even if CPI surprises higher next week. Further easing possible. But rates in rest of world are rising

USD strengthens further

Fed hike expectation for December; Kiwi dollar falling further, GBP continues to freefall; RBNZ reiterates that policy easing required

12th Oct 16, 8:17am

by Jason Wong

Fed hike expectation for December; Kiwi dollar falling further, GBP continues to freefall; RBNZ reiterates that policy easing required

Local curve steepens

McDermott speech locks in another rate cut, trimming short end yields. Long end up on higher UST 10yr yields

12th Oct 16, 7:51am

by Jason Wong

McDermott speech locks in another rate cut, trimming short end yields. Long end up on higher UST 10yr yields

USD rises on Presidential debate outcome

Likelihood of Clinton being next US President on the rise; oil price at highest point in 12-months; robust USD picture

11th Oct 16, 8:18am

by Jason Wong

Likelihood of Clinton being next US President on the rise; oil price at highest point in 12-months; robust USD picture

NZ 2yr swap unlikely to go higher

UK Brexit woes push rates higher there, and the contagion extends to Germany. NZ swap rate rises may pause, especially if US rates hold

11th Oct 16, 8:03am

by Jason Wong

UK Brexit woes push rates higher there, and the contagion extends to Germany. NZ swap rate rises may pause, especially if US rates hold

Dollar dips, Pound pounded

Ho-hum US employment report sends USD lower; GBP 'flash crash' takes focus away from US job report; NZD/AUD finding support at 94c

10th Oct 16, 8:14am

by Jason Wong

Ho-hum US employment report sends USD lower; GBP 'flash crash' takes focus away from US job report; NZD/AUD finding support at 94c

Upside pressure on rates

US jobs data good enough to keep Fed hike prospect alive. EU bond rates rise. UK rates climb. Markets see Trump chances fade

10th Oct 16, 7:46am

by Jason Wong

US jobs data good enough to keep Fed hike prospect alive. EU bond rates rise. UK rates climb. Markets see Trump chances fade

Resistance selling & risk-off trading

Kiwi dollar finding it hard to push above 73c; counterparties dealing with Deutsche Bank moving away; OPEC agrees oil production cuts needed; Euro-zone economic confidence rises

30th Sep 16, 8:33am

by Jason Wong

Kiwi dollar finding it hard to push above 73c; counterparties dealing with Deutsche Bank moving away; OPEC agrees oil production cuts needed; Euro-zone economic confidence rises

Volatility hits rates

Deutsche Bank credit woes punish UST 10yr yields, better US econ data, more FOMC members want hike, flood of data due, downward bias expected today for swaps

30th Sep 16, 8:06am

by Jason Wong

Deutsche Bank credit woes punish UST 10yr yields, better US econ data, more FOMC members want hike, flood of data due, downward bias expected today for swaps

Lack of news hurts NZD

Kiwi dollar down 0.6% but stabilising; US data better than expected but revisions curb enthusiasm

29th Sep 16, 8:24am

by Jason Wong

Kiwi dollar down 0.6% but stabilising; US data better than expected but revisions curb enthusiasm

Spreads can compress further

Recent rise in yields continues its unwinding. NZGBs to benefit from supply-demand imbalance. Long rates falling

29th Sep 16, 8:15am

by Jason Wong

Recent rise in yields continues its unwinding. NZGBs to benefit from supply-demand imbalance. Long rates falling

NZD 'recovery' continues

Currencies markets saw a Clinton win in debate #1 and cross rates adjusted accordingly. US consumer confidence rises

28th Sep 16, 8:54am

by Jason Wong

Currencies markets saw a Clinton win in debate #1 and cross rates adjusted accordingly. US consumer confidence rises

"Time to rethink UST role in portfolios"

US yield curve flattens with global forces supporting US bond market. NZG 10yr bonds record large price gain in past 5 days

28th Sep 16, 8:06am

by Jason Wong

US yield curve flattens with global forces supporting US bond market. NZG 10yr bonds record large price gain in past 5 days

Buying interest returns in NZD

Kiwi dollar up across the board; investors nervous ahead of Clinton & Trump debate; Yen still one of the cheapest currencies; GBP reaches new low

27th Sep 16, 8:16am

by Jason Wong

Kiwi dollar up across the board; investors nervous ahead of Clinton & Trump debate; Yen still one of the cheapest currencies; GBP reaches new low

Risk appetite fades

US Treasury yields drift lower as Bank of Japan's new policy focus suppresses yields world-wide. Yields for NZ bonds fall too

27th Sep 16, 8:16am

by Jason Wong

US Treasury yields drift lower as Bank of Japan's new policy focus suppresses yields world-wide. Yields for NZ bonds fall too

NZ bonds rally

NZ 10-year bond yield down under 2.4%; swap curve rally not as strong as bonds; US treasuries in consolidation mode

26th Sep 16, 8:54am

by Jason Wong

NZ 10-year bond yield down under 2.4%; swap curve rally not as strong as bonds; US treasuries in consolidation mode

Kiwi dollar sell-off continues

Strong downward movements in NZD/AUD; NZD decline resulting from RBNZ statement; UK may leave EU sooner than many assume

26th Sep 16, 8:34am

by Jason Wong

Strong downward movements in NZD/AUD; NZD decline resulting from RBNZ statement; UK may leave EU sooner than many assume

US data underwhelms

USD on back foot as economic releases miss the mark, giving weight to Fed deferring next rate hike; BoE indicates easing bias; improved risk appetite

16th Sep 16, 8:38am

by Jason Wong

USD on back foot as economic releases miss the mark, giving weight to Fed deferring next rate hike; BoE indicates easing bias; improved risk appetite

A bias to steepen

Strong NZ GDP growth doesn't change market expectations of more RBNZ OCR rate cuts, likely in November. International steepening trend flowing from Japan

16th Sep 16, 7:48am

by Jason Wong

Strong NZ GDP growth doesn't change market expectations of more RBNZ OCR rate cuts, likely in November. International steepening trend flowing from Japan

Sense of calm returns to markets

Modest movements across markets after choppy few days; NZ current account worse than expected but NZD tracks higher; UK labour market holding up post-Brexit world

15th Sep 16, 8:24am

by Jason Wong

Modest movements across markets after choppy few days; NZ current account worse than expected but NZD tracks higher; UK labour market holding up post-Brexit world

2-10 spread widens sharply

If we get a strong GDP result today, whatever way you look at it, the RBNZ is still likely to cut rates says BNZ

15th Sep 16, 8:06am

by Jason Wong

If we get a strong GDP result today, whatever way you look at it, the RBNZ is still likely to cut rates says BNZ