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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 3 months

Latest articles

Saving some bullets
RBNZ's McDermott says markets not paying attention to risks. Rate curve steepens after strong retail sales. Chance of September cut fades
15th Aug 16, 7:34am
by Jason Wong
2
RBNZ's McDermott says markets not paying attention to risks. Rate curve steepens after strong retail sales. Chance of September cut fades
BoE over delivers
BoE cuts by 25bps and expands asset buying program; GBP down 1.6%, NZD/GBP up 2% to close in on 55c
5th Aug 16, 8:39am
by Jason Wong
BoE cuts by 25bps and expands asset buying program; GBP down 1.6%, NZD/GBP up 2% to close in on 55c
2% NZ 2yr swap rate breached
BofE cuts policy rate, adds to stimulus to stem Brexit impact. NZ 2yr swaps dip below 2%, then settle above it. Chatter about an RBNZ 50 bps cut looming likely to push local rates lower today
5th Aug 16, 8:26am
by Jason Wong
2
BofE cuts policy rate, adds to stimulus to stem Brexit impact. NZ 2yr swaps dip below 2%, then settle above it. Chatter about an RBNZ 50 bps cut looming likely to push local rates lower today
Better bidding for USD
US data encouraging; soft wage inflation drops NZD; oil prices rebound 3%; NZD/AUD down 1%
4th Aug 16, 8:14am
by Jason Wong
2
US data encouraging; soft wage inflation drops NZD; oil prices rebound 3%; NZD/AUD down 1%
Aussie bonds the outlier
Jump in Aussie 10yr yields spills over to New Zealand. Yield curve steepens. Shorter end held back by weak local labour market data. But markets don't see more OCR easing as a result
4th Aug 16, 7:52am
by Jason Wong
2
Jump in Aussie 10yr yields spills over to New Zealand. Yield curve steepens. Shorter end held back by weak local labour market data. But markets don't see more OCR easing as a result
News flow hurting USD
RBA cut dents AUD temporarily; NZD & AUD defying risk off tone; strong dairy auction pushes NZD higher; NZD/USD faces strong resistance at 73c
3rd Aug 16, 8:14am
by Jason Wong
RBA cut dents AUD temporarily; NZD & AUD defying risk off tone; strong dairy auction pushes NZD higher; NZD/USD faces strong resistance at 73c
Low rates lose their effectiveness
Investors start to seek yield over price gains, even in a risk-off environment. Impact of RBA rate cut may be elusive. Downward pressure in NZ despite higher rates elsewhere
3rd Aug 16, 8:01am
by Jason Wong
Investors start to seek yield over price gains, even in a risk-off environment. Impact of RBA rate cut may be elusive. Downward pressure in NZ despite higher rates elsewhere
Not certain RBA will cut
AUD one of the worst performers ahead of RBA announcement; newsflow helping USD recover; modest NZD pickup from Chinese data
2nd Aug 16, 8:34am
by Jason Wong
AUD one of the worst performers ahead of RBA announcement; newsflow helping USD recover; modest NZD pickup from Chinese data
Eyes on inflation expectation data
Markets ignoring Fed speakers. NZGB 10yr yield at record low. Swap rates also push to record lows. RBA reviews today and market expects a cut
2nd Aug 16, 7:49am
by Jason Wong
Markets ignoring Fed speakers. NZGB 10yr yield at record low. Swap rates also push to record lows. RBA reviews today and market expects a cut
Double whammy hits USD
Weaker US GDP gives NZD boost; underwhelming BoJ policy easing hits USD
1st Aug 16, 8:48am
by Jason Wong
Weaker US GDP gives NZD boost; underwhelming BoJ policy easing hits USD
All data points to lower inflation
NZGB yields have fallen 139 bps so far this year, with more to come. More official rate cuts coming "as inflation matters". 2 yr swap rates sink towards 2%
1st Aug 16, 7:53am
by Jason Wong
NZGB yields have fallen 139 bps so far this year, with more to come. More official rate cuts coming "as inflation matters". 2 yr swap rates sink towards 2%
Yields rise as risk sentiment turns positive
US yields rise on positive labour market data. BofE holds but sends easing signal. EU yields also rise. RBNZ sends dovish signal
15th Jul 16, 8:13am
by Jason Wong
US yields rise on positive labour market data. BofE holds but sends easing signal. EU yields also rise. RBNZ sends dovish signal
Market caught out
Surprise RBNZ press release sends NZD lower; BoE keeps powder dry with no rate change vote; Yen under pressure on speculation of further stimulus
15th Jul 16, 7:48am
by Jason Wong
Surprise RBNZ press release sends NZD lower; BoE keeps powder dry with no rate change vote; Yen under pressure on speculation of further stimulus
Risk rally stalls
Resistance at 73c for the NZD/USD; oil price down over 4%; NZD/AUD range bound
14th Jul 16, 7:40am
by Jason Wong
Resistance at 73c for the NZD/USD; oil price down over 4%; NZD/AUD range bound
Bonds get support back, yields fall
US and European treasury auctions well supported. England prepares for a rate cut. Local swaps curves steepen. RBNZ facing low inflation for longer
14th Jul 16, 7:35am
by Jason Wong
US and European treasury auctions well supported. England prepares for a rate cut. Local swaps curves steepen. RBNZ facing low inflation for longer
Global bond sell-off
Yields up with steeper bias; investors move from bonds to equities as risk appetite improves
13th Jul 16, 8:02am
by Jason Wong
Yields up with steeper bias; investors move from bonds to equities as risk appetite improves
Bonds, equities & NZD, all up
Expectations of further stimulus across central banks fuelling sentiment; NZX WMP dairy futures at 3-month lows; AUD buoyed by stronger business confidence
13th Jul 16, 7:56am
by Jason Wong
Expectations of further stimulus across central banks fuelling sentiment; NZX WMP dairy futures at 3-month lows; AUD buoyed by stronger business confidence
Yen up in risk on market
Japan's ruling conservative party victory sees Yen and Nikkei 225 shoot up; PM Abe working on more stimulus; major commodity currencies weaker; Theresa May new UK PM
12th Jul 16, 7:51am
by Jason Wong
Japan's ruling conservative party victory sees Yen and Nikkei 225 shoot up; PM Abe working on more stimulus; major commodity currencies weaker; Theresa May new UK PM
US rates rise, bond market under pressure
10-year US treasury yields continue their rise which should flow through to local markets today. Local market in wait-and-see mode
12th Jul 16, 7:36am
by Jason Wong
10-year US treasury yields continue their rise which should flow through to local markets today. Local market in wait-and-see mode
Knee-jerk reaction to US jobs data
10-year US treasury yield jumps on non-farm payroll data; NZ yield curve flattens further; market still pricing in OCR cut by November
11th Jul 16, 7:40am
by Jason Wong
10-year US treasury yield jumps on non-farm payroll data; NZ yield curve flattens further; market still pricing in OCR cut by November
US unemployment ticks higher
US jobs data shows strong headline number, details softer; NZD closing in on 14-month high; Fear index near year lows; AUD climbs as current government retained
11th Jul 16, 7:15am
by Jason Wong
US jobs data shows strong headline number, details softer; NZD closing in on 14-month high; Fear index near year lows; AUD climbs as current government retained
NZD finds plenty of friends
NZD remains well supported as GBP struggles; BoE to ease monetary policy; EU's credit rating cut by S&P; equity markets continue to recover
1st Jul 16, 8:31am
by Jason Wong
NZD remains well supported as GBP struggles; BoE to ease monetary policy; EU's credit rating cut by S&P; equity markets continue to recover
Credit spreads continue to unwind
Local risk premiums back to pre-Brexit levels. Good local data pushes likelihood of more RBNZ easing back. Economists expect the UK to fall into recession
1st Jul 16, 8:10am
by Jason Wong
2
Local risk premiums back to pre-Brexit levels. Good local data pushes likelihood of more RBNZ easing back. Economists expect the UK to fall into recession
Markets continue to rally
NZD back up through 0.71; USD weaker across the board; equity markets put on strong showing; Brexit may not occur if UK never invoke article 50
30th Jun 16, 8:04am
by Jason Wong
1
NZD back up through 0.71; USD weaker across the board; equity markets put on strong showing; Brexit may not occur if UK never invoke article 50
Bond risks repriced
Chances for a US rate hike fade. Chances for a NZ rate cut also fade. Global bond markets stabilise as Brexit risks isolated to Europe
30th Jun 16, 7:50am
by Jason Wong
Chances for a US rate hike fade. Chances for a NZ rate cut also fade. Global bond markets stabilise as Brexit risks isolated to Europe