Jason Wong

NZD trading at 0.7215, further upside expected given speculative short positioning and weakening USD; USD TWI down 0.8% since Trump inauguration; GBP continues making gains against USD and EUR post May's Brexit speech

NZD trading at 0.7215, further upside expected given speculative short positioning and weakening USD; USD TWI down 0.8% since Trump inauguration; GBP continues making gains against USD and EUR post May's Brexit speech

Yellen speech and higher US inflation underpin market expectations of 2017 Fed hikes. Local rates jump, and further rises expected today

Yellen speech and higher US inflation underpin market expectations of 2017 Fed hikes. Local rates jump, and further rises expected today

NZD currently at 0.7160 after trading in a range of 0.7120 - 0.7200; USD strengthens on Yellen's speech and positive data releases; Yen worst performer as YST 10yr yields increase from 2.32 to 2.50 over the last 48hrs

NZD currently at 0.7160 after trading in a range of 0.7120 - 0.7200; USD strengthens on Yellen's speech and positive data releases; Yen worst performer as YST 10yr yields increase from 2.32 to 2.50 over the last 48hrs

NZ 2yr and 10yr swaps trading at 2.40% and 3.40% respectively; UST rates reverse yesterday's move up across the curve, 10yr up 5bps to 2.37%; UK and Germany 10yr rates up 3bps

NZ 2yr and 10yr swaps trading at 2.40% and 3.40% respectively; UST rates reverse yesterday's move up across the curve, 10yr up 5bps to 2.37%; UK and Germany 10yr rates up 3bps

NZD trading close to session low at 0.7170; USD up 0.6% on a TWI basis with 2.1% CPI and positive industrial production data; GBP down 0.8% on negative European media response to May's speech

NZD trading close to session low at 0.7170; USD up 0.6% on a TWI basis with 2.1% CPI and positive industrial production data; GBP down 0.8% on negative European media response to May's speech

UST yields at the lowest level in a month, 10yr rate down to 2.35%; UK CPI reaches a 2-year high as weaker GBP feeds through; Quiet trading day in NZ with the swap curve holding constant

UST yields at the lowest level in a month, 10yr rate down to 2.35%; UK CPI reaches a 2-year high as weaker GBP feeds through; Quiet trading day in NZ with the swap curve holding constant

NZD up 1.3% to 0.7190; USD weaker across the board on Trump and Dudley speech, USD-TWI down 1%; GBP up 2.8% after May's speech on Brexit exit

NZD up 1.3% to 0.7190; USD weaker across the board on Trump and Dudley speech, USD-TWI down 1%; GBP up 2.8% after May's speech on Brexit exit

NZD trading around the 0.71 mark amidst risk-off tone; GBPUSD dives to lowest level since October, reaching 1.1986; Trump promises Britain a quick and fair trade deal; Yen strongest amongst all majors, USDJPY trading at just over 114

NZD trading around the 0.71 mark amidst risk-off tone; GBPUSD dives to lowest level since October, reaching 1.1986; Trump promises Britain a quick and fair trade deal; Yen strongest amongst all majors, USDJPY trading at just over 114

With Wall Street closed, local attention shifts to the REINZ data, and the NZIER's QSBO. Then eyes move to the next dairy auction

With Wall Street closed, local attention shifts to the REINZ data, and the NZIER's QSBO. Then eyes move to the next dairy auction

USD continues to lose ground, despite solid data. NZD gains, even against the AUD. UK to go for 'hard Brexit'. Trump now won't label China a 'currency manipulator'

USD continues to lose ground, despite solid data. NZD gains, even against the AUD. UK to go for 'hard Brexit'. Trump now won't label China a 'currency manipulator'

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

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

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%

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%

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

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

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

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 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%

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%

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

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 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%

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%

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

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 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

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

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

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

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

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 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

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

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

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

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

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

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

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