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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

Lack of news hurts NZD
Kiwi dollar down 0.6% but stabilising; US data better than expected but revisions curb enthusiasm
29th Sep 16, 8:24am
by Jason Wong
Kiwi dollar down 0.6% but stabilising; US data better than expected but revisions curb enthusiasm
Spreads can compress further
Recent rise in yields continues its unwinding. NZGBs to benefit from supply-demand imbalance. Long rates falling
29th Sep 16, 8:15am
by Jason Wong
Recent rise in yields continues its unwinding. NZGBs to benefit from supply-demand imbalance. Long rates falling
NZD 'recovery' continues
Currencies markets saw a Clinton win in debate #1 and cross rates adjusted accordingly. US consumer confidence rises
28th Sep 16, 8:54am
by Jason Wong
1
Currencies markets saw a Clinton win in debate #1 and cross rates adjusted accordingly. US consumer confidence rises
"Time to rethink UST role in portfolios"
US yield curve flattens with global forces supporting US bond market. NZG 10yr bonds record large price gain in past 5 days
28th Sep 16, 8:06am
by Jason Wong
1
US yield curve flattens with global forces supporting US bond market. NZG 10yr bonds record large price gain in past 5 days
Buying interest returns in NZD
Kiwi dollar up across the board; investors nervous ahead of Clinton & Trump debate; Yen still one of the cheapest currencies; GBP reaches new low
27th Sep 16, 8:16am
by Jason Wong
1
Kiwi dollar up across the board; investors nervous ahead of Clinton & Trump debate; Yen still one of the cheapest currencies; GBP reaches new low
Risk appetite fades
US Treasury yields drift lower as Bank of Japan's new policy focus suppresses yields world-wide. Yields for NZ bonds fall too
27th Sep 16, 8:16am
by Jason Wong
US Treasury yields drift lower as Bank of Japan's new policy focus suppresses yields world-wide. Yields for NZ bonds fall too
NZ bonds rally
NZ 10-year bond yield down under 2.4%; swap curve rally not as strong as bonds; US treasuries in consolidation mode
26th Sep 16, 8:54am
by Jason Wong
NZ 10-year bond yield down under 2.4%; swap curve rally not as strong as bonds; US treasuries in consolidation mode
Kiwi dollar sell-off continues
Strong downward movements in NZD/AUD; NZD decline resulting from RBNZ statement; UK may leave EU sooner than many assume
26th Sep 16, 8:34am
by Jason Wong
Strong downward movements in NZD/AUD; NZD decline resulting from RBNZ statement; UK may leave EU sooner than many assume
US data underwhelms
USD on back foot as economic releases miss the mark, giving weight to Fed deferring next rate hike; BoE indicates easing bias; improved risk appetite
16th Sep 16, 8:38am
by Jason Wong
USD on back foot as economic releases miss the mark, giving weight to Fed deferring next rate hike; BoE indicates easing bias; improved risk appetite
A bias to steepen
Strong NZ GDP growth doesn't change market expectations of more RBNZ OCR rate cuts, likely in November. International steepening trend flowing from Japan
16th Sep 16, 7:48am
by Jason Wong
1
Strong NZ GDP growth doesn't change market expectations of more RBNZ OCR rate cuts, likely in November. International steepening trend flowing from Japan
Sense of calm returns to markets
Modest movements across markets after choppy few days; NZ current account worse than expected but NZD tracks higher; UK labour market holding up post-Brexit world
15th Sep 16, 8:24am
by Jason Wong
Modest movements across markets after choppy few days; NZ current account worse than expected but NZD tracks higher; UK labour market holding up post-Brexit world
2-10 spread widens sharply
If we get a strong GDP result today, whatever way you look at it, the RBNZ is still likely to cut rates says BNZ
15th Sep 16, 8:06am
by Jason Wong
2
If we get a strong GDP result today, whatever way you look at it, the RBNZ is still likely to cut rates says BNZ
Kiwi dollar down 1.5%
Money managers holding more cash, USD pushes higher; NZD wipes out all of this month's gains; significant underperformance from commodity currencies
14th Sep 16, 8:30am
by Jason Wong
Money managers holding more cash, USD pushes higher; NZD wipes out all of this month's gains; significant underperformance from commodity currencies
Bond sell-off continues
Yields rise, bond prices fall, as investors grow nervous about global monetary policy, with the US Fed unlikely to move until December and the ECB reluctant to do more easing
14th Sep 16, 7:50am
by Jason Wong
1
Yields rise, bond prices fall, as investors grow nervous about global monetary policy, with the US Fed unlikely to move until December and the ECB reluctant to do more easing
NZD in recovery mode
Complacency and improved risk appetite has NZD on the rise; case for Fed tightening pre-emptively is less compelling; USD on back foot
13th Sep 16, 8:13am
by Jason Wong
Complacency and improved risk appetite has NZD on the rise; case for Fed tightening pre-emptively is less compelling; USD on back foot
'Case to tighten ... less compelling'
Brainard leads the call for 'prudence' and a dovish rate policy stance by the US Fed. NZ bonds well supported and should lead to spread compression vs the US equivalents
13th Sep 16, 7:40am
by Jason Wong
1
Brainard leads the call for 'prudence' and a dovish rate policy stance by the US Fed. NZ bonds well supported and should lead to spread compression vs the US equivalents
Good old-fashioned risk aversion
Hawkish Fed speak sends equities and commodity currencies tumbling; NZD down 1%, AUD was off 1.3%; market volatility could be a sign of things to come
12th Sep 16, 8:31am
by Jason Wong
Hawkish Fed speak sends equities and commodity currencies tumbling; NZD down 1%, AUD was off 1.3%; market volatility could be a sign of things to come
Rug about to be pulled on bond investors?
The steepening force in global yield curves will infect local trading today, pushing the longer end up fast. German and US signals both underpin changed bond tone
12th Sep 16, 7:27am
by Jason Wong
The steepening force in global yield curves will infect local trading today, pushing the longer end up fast. German and US signals both underpin changed bond tone
US data undershoots expectations
Significant downside miss in US ISM data, plays into Fed's hands; stronger Chinese PMI data benefits NZD & AUD
2nd Sep 16, 8:19am
by Jason Wong
Significant downside miss in US ISM data, plays into Fed's hands; stronger Chinese PMI data benefits NZD & AUD
Low rate addiction
Bond king Bill Gross adds to voices calling for end to low and negative interest rates. Eyes on US payrolls report. Local swap rates make small gains
2nd Sep 16, 8:11am
by Jason Wong
5
Bond king Bill Gross adds to voices calling for end to low and negative interest rates. Eyes on US payrolls report. Local swap rates make small gains
Volatility index spikes
Risk-off tone ahead of jobs report; NZD top performer despite safe haven buying; ANZ survey shows fall in NZ inflation expectations
1st Sep 16, 8:32am
by Jason Wong
Risk-off tone ahead of jobs report; NZD top performer despite safe haven buying; ANZ survey shows fall in NZ inflation expectations
Flatter curves
Markets see reduced chance of more NZ OCR cuts this year. Business survey shows "improving economic momentum". But wholesale money costs stay low
1st Sep 16, 8:14am
by Jason Wong
Markets see reduced chance of more NZ OCR cuts this year. Business survey shows "improving economic momentum". But wholesale money costs stay low
Positive USD tone
US consumer confidence up; ECB has more work to do to raise inflation; Japanese officials talk down Yen; new record short levels in GBP
31st Aug 16, 8:32am
by Jason Wong
US consumer confidence up; ECB has more work to do to raise inflation; Japanese officials talk down Yen; new record short levels in GBP
No central bankers in a hurry to act
US Fed's Fischer sets less hawkish tone. RBNZ's McDermott says RBNZ will take its time. Only unexpected data likely to move market positioning
31st Aug 16, 7:35am
by Jason Wong
US Fed's Fischer sets less hawkish tone. RBNZ's McDermott says RBNZ will take its time. Only unexpected data likely to move market positioning
Market over-reacted to Fed comments
Treasury yields recoup all previous days losses; tighter US monetary policy prospects gives RBNZ some breathing space
30th Aug 16, 8:29am
by Jason Wong
1
Treasury yields recoup all previous days losses; tighter US monetary policy prospects gives RBNZ some breathing space