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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

9 years 6 months

Latest articles

Global risk off
US Fed leaves rates unchanged, signals December hike. NZ rates rise on strong labour market report, in contrast to other markets where wholesale rates fell
3rd Nov 16, 7:49am
by Jason Wong
US Fed leaves rates unchanged, signals December hike. NZ rates rise on strong labour market report, in contrast to other markets where wholesale rates fell
US dollar weaker
NZD drifts lower despite bumper dairy auction. RBA decision a non-event. EUR a ley beneficiary of weaker greenback. Volatility rising
2nd Nov 16, 8:06am
by Jason Wong
NZD drifts lower despite bumper dairy auction. RBA decision a non-event. EUR a ley beneficiary of weaker greenback. Volatility rising
Horror October extends into November
Rising yields cut bond prices. Local eyes on HLFS and inflation expectations. US Fed will stay quiet during election campaign
2nd Nov 16, 7:51am
by Jason Wong
Rising yields cut bond prices. Local eyes on HLFS and inflation expectations. US Fed will stay quiet during election campaign
Greenback hits selling pressure
USD up as oil falls as producers can't agree on output cuts. Carney to stay at BofE. BofJ policy not working
1st Nov 16, 8:10am
by Jason Wong
USD up as oil falls as producers can't agree on output cuts. Carney to stay at BofE. BofJ policy not working
Bonds bashed
Bond prices fall as yields rise everywhere except Japan. Global inflation pressure picking up. Easier fiscal policies contemplated
1st Nov 16, 8:01am
by Jason Wong
Bond prices fall as yields rise everywhere except Japan. Global inflation pressure picking up. Easier fiscal policies contemplated
Greenback hits selling pressure
USD takes a hit from political turmoil, EUR and NZD benefit. Strong US GDP result suffered from underlying picture
31st Oct 16, 8:27am
by Jason Wong
USD takes a hit from political turmoil, EUR and NZD benefit. Strong US GDP result suffered from underlying picture
A pause for breath
Benchmark rates rise, then fall on Clinton email news. NZ yield curve steeper. Eyes on four central bank reviews. Flood of data due
31st Oct 16, 7:53am
by Jason Wong
Benchmark rates rise, then fall on Clinton email news. NZ yield curve steeper. Eyes on four central bank reviews. Flood of data due
USD hits 7-month high
Strong USD and bond market sell-off are key themes; AUD fares worst of commodity currencies; Yen and GBP tracking lower
28th Oct 16, 8:06am
by Jason Wong
Strong USD and bond market sell-off are key themes; AUD fares worst of commodity currencies; Yen and GBP tracking lower
Yields push higher, steeper
Bonds sold off globally. Good UK growth a trigger. German rates rise to 5 month high. Eyes on US Q3 GDP, with 'whisper' it could surprise stronger
28th Oct 16, 7:50am
by Jason Wong
Bonds sold off globally. Good UK growth a trigger. German rates rise to 5 month high. Eyes on US Q3 GDP, with 'whisper' it could surprise stronger
AUD runs out of puff
Australian dollar gains after better CPI not sustained; USD ticks higher on better data; oil price back below $50
27th Oct 16, 8:13am
by Jason Wong
Australian dollar gains after better CPI not sustained; USD ticks higher on better data; oil price back below $50
Bond yields rise
Equity markets react to rising yields by trimming prices. Higher inflation and a Fed hike drive a changed sentiment. Asset prices to adjust lower
27th Oct 16, 7:44am
by Jason Wong
Equity markets react to rising yields by trimming prices. Higher inflation and a Fed hike drive a changed sentiment. Asset prices to adjust lower
NZD rides on AUD coat-tails
Australian and Kiwi dollars benefit from commodity lift; weaker Australian CPI will raise expectations of RBA cut
26th Oct 16, 8:33am
by Jason Wong
Australian and Kiwi dollars benefit from commodity lift; weaker Australian CPI will raise expectations of RBA cut
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
5
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
1
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