Jason Wong

Despite data that should support sentiment, markets adopt a softer more cautious tone, with added concerns out of Europe

Despite data that should support sentiment, markets adopt a softer more cautious tone, with added concerns out of Europe

USD ran into selling pressure last night, even though strong CPI and retail sales data increased odds of Fed tightening in March to 50%; NZD also up against EUR, JPY and GBP

USD ran into selling pressure last night, even though strong CPI and retail sales data increased odds of Fed tightening in March to 50%; NZD also up against EUR, JPY and GBP

Global reflation trade will press rates higher at some point. But in the short term short end rates will remain 'tightly bound'

Global reflation trade will press rates higher at some point. But in the short term short end rates will remain 'tightly bound'

USD and UST yields higher on Yellen's testimony, USD-TWI up 0.3% and UST-10yr up 5bps; local rates expected to reflect push higher in US rates; NZDAUD lower after NAB business survey rises to pre-crises levels

USD and UST yields higher on Yellen's testimony, USD-TWI up 0.3% and UST-10yr up 5bps; local rates expected to reflect push higher in US rates; NZDAUD lower after NAB business survey rises to pre-crises levels

NZD trading at 0.7170 USD and 0.9380 AUD, despite a surge in iron ore prices; USD consolidated last week's gains and looks forward to Yellen's testimony, US data flow and Trump policies

NZD trading at 0.7170 USD and 0.9380 AUD, despite a surge in iron ore prices; USD consolidated last week's gains and looks forward to Yellen's testimony, US data flow and Trump policies

US Fed chief likely to keep alive 3 rate hikes in 2017. Markets sceptical. UST yields rise. Local wholesale rates likely to stay in a tight range

US Fed chief likely to keep alive 3 rate hikes in 2017. Markets sceptical. UST yields rise. Local wholesale rates likely to stay in a tight range

AUDUSD up 0.6% to 0.7675 as Trump's behaviour with Japan and China promotes a risk-on environment and fuels commodity prices; NZDUSD consolidates at the 0.72 mark after trading a tight range on Friday

AUDUSD up 0.6% to 0.7675 as Trump's behaviour with Japan and China promotes a risk-on environment and fuels commodity prices; NZDUSD consolidates at the 0.72 mark after trading a tight range on Friday

Another Fed official resigns. Local swap curve steepen following February MPS, but top end may be near

Another Fed official resigns. Local swap curve steepen following February MPS, but top end may be near

NZD trading at 0.7180 USD and 0.9420 AUD after MPS and Trump comments; USD boosted by Trump's promised tax changes; Yen suffers the most from the stronger USD, USDJPY back up to 113

NZD trading at 0.7180 USD and 0.9420 AUD after MPS and Trump comments; USD boosted by Trump's promised tax changes; Yen suffers the most from the stronger USD, USDJPY back up to 113

US yield falls are followed by even larger NZ falls. But a bounce today expected. Markets back away from pricing in a RBNZ hike in 2017

US yield falls are followed by even larger NZ falls. But a bounce today expected. Markets back away from pricing in a RBNZ hike in 2017

NZDUSD trading at 0.7320, similar levels to yesterday, prior to RBNZ rates announcement today; USD retreats slightly against all majors, USDJPY down 0.6%

NZDUSD trading at 0.7320, similar levels to yesterday, prior to RBNZ rates announcement today; USD retreats slightly against all majors, USDJPY down 0.6%

Markets drift in US and Europe as traders lose conviction in the Fed-hike trade. Lack of inflation smoking gun has them wary

Markets drift in US and Europe as traders lose conviction in the Fed-hike trade. Lack of inflation smoking gun has them wary

Longer term swap rates take a chunky fall. Attention now turns to RBNZ MPS. Observers see the RBNZ resistant to signaling a higher rate track in the outer period

Longer term swap rates take a chunky fall. Attention now turns to RBNZ MPS. Observers see the RBNZ resistant to signaling a higher rate track in the outer period

NZDUSD trading at 0.7320 after trading in a 1% range; USD makes a slight recovery as TWI up 0.4%; China foreign reserves dip below $3tln for the first time in six years

NZDUSD trading at 0.7320 after trading in a 1% range; USD makes a slight recovery as TWI up 0.4%; China foreign reserves dip below $3tln for the first time in six years

NZDUSD still trading at the 0.73 mark; USD recovers losses resulting from Friday's jobs report; EUR lower as French Presidential candidate pledges to take France out of the euro-area; AUD sees selling pressure after weak retail sales figures

NZDUSD still trading at the 0.73 mark; USD recovers losses resulting from Friday's jobs report; EUR lower as French Presidential candidate pledges to take France out of the euro-area; AUD sees selling pressure after weak retail sales figures

European political risk rising. US benchmark rates falling. Eyes on next GDT auction, then on RBNZ's MPS

European political risk rising. US benchmark rates falling. Eyes on next GDT auction, then on RBNZ's MPS

NZD at 0.7300 after trading in a 1% range, volatility stemmed from FOMC announcement and concerns over cattle TB outbreak; USD down 0.5% post-FOMC and reports of Trump's phone call with Australian PM; GBP down 0.9% against weak USD

NZD at 0.7300 after trading in a 1% range, volatility stemmed from FOMC announcement and concerns over cattle TB outbreak; USD down 0.5% post-FOMC and reports of Trump's phone call with Australian PM; GBP down 0.9% against weak USD

UST 10yr to respect a tight range 'for a while yet' before moving higher. Eyes on US non-farm payrolls report. Local rates steepen

UST 10yr to respect a tight range 'for a while yet' before moving higher. Eyes on US non-farm payrolls report. Local rates steepen

NZ swap rates down 2bps across the curve; UST yeilds up as market prices in more than two rate hikes for 2017

NZ swap rates down 2bps across the curve; UST yeilds up as market prices in more than two rate hikes for 2017

NZD falls against USD, GBP and AUD after weak labour market data and strong overseas data; USD currency index up about 0.4%; GBP strongest of all majors, up 0.5% against the USD

NZD falls against USD, GBP and AUD after weak labour market data and strong overseas data; USD currency index up about 0.4%; GBP strongest of all majors, up 0.5% against the USD

Eyes on US Fed after modest falls in US yields and toning down of rate hike expectations. Eyes also on NZ labour market data, especially wage inflation

Eyes on US Fed after modest falls in US yields and toning down of rate hike expectations. Eyes also on NZ labour market data, especially wage inflation

NZD at 0.7325 USD, a consolidation phase expected; NZDAUD at 0.9675 as AUD underperforms in the USD sell-off; USD TWI down 0.7%, down 3% for January

NZD at 0.7325 USD, a consolidation phase expected; NZDAUD at 0.9675 as AUD underperforms in the USD sell-off; USD TWI down 0.7%, down 3% for January

NZD makes fresh high's for the year against the USD and AUD; NZDEUR trading a touch above 0.6750 and NZDJPY around 82.50; USD loses ground after statements from US Treasury Secretary

NZD makes fresh high's for the year against the USD and AUD; NZDEUR trading a touch above 0.6750 and NZDJPY around 82.50; USD loses ground after statements from US Treasury Secretary

NZ rates fell modestly. Eyes now on AU CPI, but no smoking gun expected for easing expected. US rates expected to range-trade given speculative positioning

NZ rates fell modestly. Eyes now on AU CPI, but no smoking gun expected for easing expected. US rates expected to range-trade given speculative positioning

Trump policies driving trade concerns, moving investors to more risk-averse positions. Bond prices rise. Yellen sees only modest inflation pressure

Trump policies driving trade concerns, moving investors to more risk-averse positions. Bond prices rise. Yellen sees only modest inflation pressure