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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 4 months

Latest articles

Not pricing in change
Financial markets sceptical that any of the FOMC, the RBNZ or the RBA will alter rates soon, either up or down
23rd May 16, 7:29am
by Jason Wong
2
Financial markets sceptical that any of the FOMC, the RBNZ or the RBA will alter rates soon, either up or down
Oil price hits six-month high
Crude oil continues to rally, now at $47; Australian inflation expectations lower, triggers AUD selling; no moves from BoE sees GBP rally
13th May 16, 8:19am
by Jason Wong
Crude oil continues to rally, now at $47; Australian inflation expectations lower, triggers AUD selling; no moves from BoE sees GBP rally
Investors go super-long to get yield
Very low returns across the standard term curve sees issuers 'feeding the ducks' at terms up to 50 years
13th May 16, 7:18am
by Jason Wong
Very low returns across the standard term curve sees issuers 'feeding the ducks' at terms up to 50 years
Swaps rise despite benchmark falls
RBNZ sensitivity to house price risks may restrain their OCR cut appetitie, but they will likely cut anyway: BNZ
12th May 16, 8:34am
by Jason Wong
2
RBNZ sensitivity to house price risks may restrain their OCR cut appetitie, but they will likely cut anyway: BNZ
Unwinding previous positions boosts NZD
Post FSR boost for NZD; poor earnings from US companies dampens risk appetite; weaker USD tone helps lift AUD
12th May 16, 8:17am
by Jason Wong
Post FSR boost for NZD; poor earnings from US companies dampens risk appetite; weaker USD tone helps lift AUD
Finance Minister talks down Kiwi dollar
RBNZ may engage further macro-prudential tools, leaves door open for more rate cuts; USD rises for sixth consecutive day; commodity currencies firm but leave NZD behind
11th May 16, 8:25am
by Jason Wong
RBNZ may engage further macro-prudential tools, leaves door open for more rate cuts; USD rises for sixth consecutive day; commodity currencies firm but leave NZD behind
NZ Govt bonds well supported
Yield chasers drive NZ-US 10yr spreads to only 85 bps, lowest in a decade
10th May 16, 8:27am
by Jason Wong
2
Yield chasers drive NZ-US 10yr spreads to only 85 bps, lowest in a decade
Recovery in USD continues
Heavy selling of USD in previous months is now being reversed; weaker commodities and Chinese data helping USD
10th May 16, 8:21am
by Jason Wong
Heavy selling of USD in previous months is now being reversed; weaker commodities and Chinese data helping USD
More easing likely for RBA
Significant miss for Q1 CPI drives down RBA's inflation expectation; NZD off 2c against USD, falls in sympathy with AUD; US employment data softer
9th May 16, 8:16am
by Jason Wong
Significant miss for Q1 CPI drives down RBA's inflation expectation; NZD off 2c against USD, falls in sympathy with AUD; US employment data softer
Lower, flatter across the curve
RBA's 'significant downgrade' to its inflation outlook pushed local rates lower, and pressures the RBNZ to cut its policy rate further
9th May 16, 7:35am
by Jason Wong
RBA's 'significant downgrade' to its inflation outlook pushed local rates lower, and pressures the RBNZ to cut its policy rate further
Huge gains in NZD & JPY
NZD/USD peaks near 70c, Yen up 3.1% against USD; lower NZD is desirable to boost tradeables inflation and assist the tradeables; “doing nothing” is equivalent to a de-factor tightening of policy
29th Apr 16, 8:30am
by Jason Wong
1
NZD/USD peaks near 70c, Yen up 3.1% against USD; lower NZD is desirable to boost tradeables inflation and assist the tradeables; “doing nothing” is equivalent to a de-factor tightening of policy
Markets reassess after RBNZ and FOMC
NZ yield curve flattened considerably with an RBNZ induced up bias at the short end, and a global down bias at the long end
29th Apr 16, 7:25am
by Jason Wong
NZ yield curve flattened considerably with an RBNZ induced up bias at the short end, and a global down bias at the long end
Kiwi drops in sympathy with AUD
Australian CPI sparks currency market volatility, door opended for RBA to cut rates; NZD/AUD blasts through 90c; Fed sees improvement in labour market but little reaction to announcement overall
28th Apr 16, 8:07am
by Jason Wong
Australian CPI sparks currency market volatility, door opended for RBA to cut rates; NZD/AUD blasts through 90c; Fed sees improvement in labour market but little reaction to announcement overall
Weak AU CPI sees forecasts rejigged
Market reaction expected no matter which way the RBNZ goes this morning. Focus then furns to BofJ decisions
28th Apr 16, 7:47am
by Jason Wong
1
Market reaction expected no matter which way the RBNZ goes this morning. Focus then furns to BofJ decisions
USD remains soft
Rising US inflation expectations not reflected in a stronger USD; Brexit fears overdone, GBP on reverse course; EUR riding on GBP coat tails
27th Apr 16, 8:22am
by Jason Wong
1
Rising US inflation expectations not reflected in a stronger USD; Brexit fears overdone, GBP on reverse course; EUR riding on GBP coat tails
'Anyone's guess'
Markets unsure of how the RBNZ will approach its OCR decision and whether rate cutting is still the favoured policy response. US Fed and AU CPI also due
27th Apr 16, 7:51am
by Jason Wong
5
Markets unsure of how the RBNZ will approach its OCR decision and whether rate cutting is still the favoured policy response. US Fed and AU CPI also due
Global manufacturing data undershoots
Run of soft business data dampens sentiment; increased oil production pushes prices lower; GBP breaks higher as Brexit risks diminish
26th Apr 16, 8:18am
by Jason Wong
Run of soft business data dampens sentiment; increased oil production pushes prices lower; GBP breaks higher as Brexit risks diminish
Rates in upward bias
Although many policy makers see further rate cuts as counter-productive, markets expect RBNZ to keep cutting. But few see a cut on Thursday
26th Apr 16, 7:55am
by Jason Wong
1
Although many policy makers see further rate cuts as counter-productive, markets expect RBNZ to keep cutting. But few see a cut on Thursday
Rising expectations of RBNZ easing
Recent strength of NZD puts pressure back on RBNZ to cut; Citigroup's daily commodity terms of trade index for NZ trending down; Germany criticises ECB saying stimulus doesn't work
22nd Apr 16, 8:14am
by Jason Wong
5
Recent strength of NZD puts pressure back on RBNZ to cut; Citigroup's daily commodity terms of trade index for NZ trending down; Germany criticises ECB saying stimulus doesn't work
Global forces drive long term rates higher
Yield curve steepens as long rates rise. Markets see low chance of an OCR hike next week. But offshore benchmark rates trending up
22nd Apr 16, 7:53am
by Jason Wong
Yield curve steepens as long rates rise. Markets see low chance of an OCR hike next week. But offshore benchmark rates trending up
NZ export commodities underperforming
CBA index of NZ export commodities shows declining trend; NZD bucks trend and falls back; latest polls suggest UK remains in EU
21st Apr 16, 8:04am
by Jason Wong
CBA index of NZ export commodities shows declining trend; NZD bucks trend and falls back; latest polls suggest UK remains in EU
US rate rises an outlier
China's signal it will be tackling "overexpansion of corporate leverage" saw NZ wholesale rates fall with many other countries. Japan and Europe rates fall too
21st Apr 16, 7:38am
by Jason Wong
China's signal it will be tackling "overexpansion of corporate leverage" saw NZ wholesale rates fall with many other countries. Japan and Europe rates fall too
Relentless Yen strength
Japanese officials failing to jawbone the Yen lower; NZD/JPY traded above PPP estimates for last 14-years; USD sentiment perks up
8th Apr 16, 8:29am
by Jason Wong
Japanese officials failing to jawbone the Yen lower; NZD/JPY traded above PPP estimates for last 14-years; USD sentiment perks up
UST 10yr yield approaches 2016 lows
Safe haven demand rises; German yields near record lows. Local rates hold within a tight range
8th Apr 16, 8:28am
by Jason Wong
1
Safe haven demand rises; German yields near record lows. Local rates hold within a tight range
Crude oil inventories fall
Better news for oil sector, oil price jumps 5%; Yen strengthens while risk appetite improves; division within in Fed committee; NZD rising on USD weakness
7th Apr 16, 8:29am
by Jason Wong
2
Better news for oil sector, oil price jumps 5%; Yen strengthens while risk appetite improves; division within in Fed committee; NZD rising on USD weakness