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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

10 years 8 months

Latest articles

An upward bias
NY Fed's Dudley raises expectations of a September US rate hike. Eyes on delayed NZ labour force data which has potential to surprise
by Jason Wong
NY Fed's Dudley raises expectations of a September US rate hike. Eyes on delayed NZ labour force data which has potential to surprise
USD losing friends
Commodity currencies picking up gains; punters continue to short GBP en masse; NZD blips up, dairy futures showing strong gains ahead of next auction
by Jason Wong
Commodity currencies picking up gains; punters continue to short GBP en masse; NZD blips up, dairy futures showing strong gains ahead of next auction
Big investor pulls back
Yields fall as USTs rally. Blackrock reduces exposure. Down trend pushes NZ rates to new record lows and there is further to fall. Eyes on US CPI
by Jason Wong
2
Yields fall as USTs rally. Blackrock reduces exposure. Down trend pushes NZ rates to new record lows and there is further to fall. Eyes on US CPI
Kiwi slides below 72c
Chinese and US data dump weaker than expected; spike in NZD/USD short-lived as Kiwi loses traction; GBP remains out of favour
by Jason Wong
Chinese and US data dump weaker than expected; spike in NZD/USD short-lived as Kiwi loses traction; GBP remains out of favour
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
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
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
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%
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
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
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
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
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
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
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%
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
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
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
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
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
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
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
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
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
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
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