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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 10 months

Latest articles

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
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