Jason Wong

The RBNZ's neutral stance to be tested as inflation signals rise. Markets mark down US yields as Trump stimulus plans start to look like just hot air

The RBNZ's neutral stance to be tested as inflation signals rise. Markets mark down US yields as Trump stimulus plans start to look like just hot air

NZD closed the week at 0.7020 USD and is expected to trade in tight ranges until the RBNZ OCR review, which is not expected to have any surprises; AUDUSD back up to 0.77 and NZDAUD just above 0.91

NZD closed the week at 0.7020 USD and is expected to trade in tight ranges until the RBNZ OCR review, which is not expected to have any surprises; AUDUSD back up to 0.77 and NZDAUD just above 0.91

Markets not expecting surprises this week, especially from the RBNZ. Fed speakers may get a clear run, and 'garner more attention than deserved'

Markets not expecting surprises this week, especially from the RBNZ. Fed speakers may get a clear run, and 'garner more attention than deserved'

Soft NZ GDP release, the less hawkish US Fed, and soft Australian jobs report drives NZ rates lower across the curve. But inflation stirring anyway

Soft NZ GDP release, the less hawkish US Fed, and soft Australian jobs report drives NZ rates lower across the curve. But inflation stirring anyway

NZD rose to 0.7040 USD after the Fed announcement yesterday but has since fallen to 0.6975 after weak GDP data; AUD lower against the USD after weak employment data, but given NZD weakness, has strengthened against the NZD

NZD rose to 0.7040 USD after the Fed announcement yesterday but has since fallen to 0.6975 after weak GDP data; AUD lower against the USD after weak employment data, but given NZD weakness, has strengthened against the NZD

NZDUSD broke through the 0.7000 mark, rising over 40 points after the Fed announcement; US Fed raises rates by 0.25% and maintains the outlook for another two hikes this year

NZDUSD broke through the 0.7000 mark, rising over 40 points after the Fed announcement; US Fed raises rates by 0.25% and maintains the outlook for another two hikes this year

NZDUSD closed the week at 0.6920, up slightly from Friday; USD TWI dropped 0.5% after unemployment data, released on Friday night, did not upgrade rate hike expectations; NZDAUD traded in a tight range to close at 0.9180

NZDUSD closed the week at 0.6920, up slightly from Friday; USD TWI dropped 0.5% after unemployment data, released on Friday night, did not upgrade rate hike expectations; NZDAUD traded in a tight range to close at 0.9180

Offshore pressure drove NZ curves higher and steeper, but weekend data may see this reverse today. Key data due later in week

Offshore pressure drove NZ curves higher and steeper, but weekend data may see this reverse today. Key data due later in week

Led by Germany, global rates rise. US payrolls next focus with eyes on wages. Local markets see a rate hike here well before RBNZ's expectations

Led by Germany, global rates rise. US payrolls next focus with eyes on wages. Local markets see a rate hike here well before RBNZ's expectations

NZDUSD below the 0.6900 mark but finding some support at 0.6890; NZDAUD finds some support at 0.9185 as AUD suffers from oil prices falling by 7% over the last couple of days

NZDUSD below the 0.6900 mark but finding some support at 0.6890; NZDAUD finds some support at 0.9185 as AUD suffers from oil prices falling by 7% over the last couple of days

NZD at 0.6910 USD, testing the intra-day low of 0.6885 on 3 January and December low of 0.6860; USD TWI up 0.4% after strong employment data increased Fed hike expectations for the next couple of years; NZDAUD finding some support at 0.9170 mark

NZD at 0.6910 USD, testing the intra-day low of 0.6885 on 3 January and December low of 0.6860; USD TWI up 0.4% after strong employment data increased Fed hike expectations for the next couple of years; NZDAUD finding some support at 0.9170 mark

UST 10 year rate rises on strong US jobs report, but stays within range. Markets expect three Fed rises in 2017. Local rates in slight steepening bias

UST 10 year rate rises on strong US jobs report, but stays within range. Markets expect three Fed rises in 2017. Local rates in slight steepening bias

NZD slips against most currencies, with dairy prices down 6.3%; NZ yields stable, movements no more than 1bp; USD and US Treasuries trade in tight ranges; foreign investment by Chinese companies falls 74% on a year ago due to tighter controls on FX

NZD slips against most currencies, with dairy prices down 6.3%; NZ yields stable, movements no more than 1bp; USD and US Treasuries trade in tight ranges; foreign investment by Chinese companies falls 74% on a year ago due to tighter controls on FX

NZD below the 0.7000 mark against the USD, down to 0.9230 against the AUD; USD and JPY strongest performers of the day, USD TWI up 0.3%

NZD below the 0.7000 mark against the USD, down to 0.9230 against the AUD; USD and JPY strongest performers of the day, USD TWI up 0.3%

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 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

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

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

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

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

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

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