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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 7 months

Latest articles

Local wholesale rates rise following OCR no-change
New Zealand takes a different path to the risk-off mood in most global markets. ECB's bond buying distorting yeilds lower. Eyes on China data
by Jason Wong
1
New Zealand takes a different path to the risk-off mood in most global markets. ECB's bond buying distorting yeilds lower. Eyes on China data
USD under pressure
Long USD positions continue to be unwound; NZD expected to run higher; NZD/AUD closing in on 94c again
by Jason Wong
Long USD positions continue to be unwound; NZD expected to run higher; NZD/AUD closing in on 94c again
German govt. rates about to go negative
ECB begins corporate debt buying program. Average euro IG yield below 1%. Local markets see no OCR change today
by Jason Wong
5
ECB begins corporate debt buying program. Average euro IG yield below 1%. Local markets see no OCR change today
NZ rate cuts haven't lead to lower NZD
A weaker USD is supporting risk sentiment with a risk-on mood in currency, equity and commodity markets. GBP remains volatile
by Jason Wong
A weaker USD is supporting risk sentiment with a risk-on mood in currency, equity and commodity markets. GBP remains volatile
Anything possible from RBNZ
Markets have no idea what the RBNZ will do tomorrow. Markets discount any chance of a US Fed hike in June
by Jason Wong
3
Markets have no idea what the RBNZ will do tomorrow. Markets discount any chance of a US Fed hike in June
NZD/USD shoots up through 69c
US employment result a shocker, ruling out Fed hike in June; Yellen still believes in monetary policy tightening over time; UK Brexit polls showing more want to leave EU
by Jason Wong
US employment result a shocker, ruling out Fed hike in June; Yellen still believes in monetary policy tightening over time; UK Brexit polls showing more want to leave EU
Fed June rate hike is effectively off the table
Yellen emphasises US monetary policy not on a preset course. US rates fall on job data. German, British and Australian rates also fall
by Jason Wong
Yellen emphasises US monetary policy not on a preset course. US rates fall on job data. German, British and Australian rates also fall
Demand for US bonds
Investors finding US bonds more attractive than European or Japanese equivalents; NZ yields fall as Fonterra annnounces lower than expected milk price forecast; NZ government cuts bond issuance program
by Jason Wong
1
Investors finding US bonds more attractive than European or Japanese equivalents; NZ yields fall as Fonterra annnounces lower than expected milk price forecast; NZ government cuts bond issuance program
Fonterra hits bottom of forecast range
Kiwi dollar sold off as Fonterra's opening milk price estimate comes in below expectations; NZD selling ceased on back of no-frills budget from government; oil price breaks through $50/bbl barrier
by Jason Wong
2
Kiwi dollar sold off as Fonterra's opening milk price estimate comes in below expectations; NZD selling ceased on back of no-frills budget from government; oil price breaks through $50/bbl barrier
US Treasury market resilient
US yields hold firm; odds of Fed hike in June drifting higher; local focus turns to budget and bond issuance program
by Jason Wong
US yields hold firm; odds of Fed hike in June drifting higher; local focus turns to budget and bond issuance program
Greek debt crisis can still being kicked
IMF hands Greece another lifeline and asks EU creditors to restructure loans if needed in 2018; USD takes a breather, market no longer fears near term rate hike, NZD/USD up 0.5%
by Jason Wong
1
IMF hands Greece another lifeline and asks EU creditors to restructure loans if needed in 2018; USD takes a breather, market no longer fears near term rate hike, NZD/USD up 0.5%
Positive tone across markets
Markets unphased by prospects of tighter US monetary policy; GBP rises strongly on favourable Brexit polling; AUD hit by selling pressure, NZD pulled down too
by Jason Wong
Markets unphased by prospects of tighter US monetary policy; GBP rises strongly on favourable Brexit polling; AUD hit by selling pressure, NZD pulled down too
German bond yields restrain US pricing
Local rates see downward pressure as offshore investors sense the recent short end rises have been overdone. Eyes on NZ Budget
by Jason Wong
Local rates see downward pressure as offshore investors sense the recent short end rises have been overdone. Eyes on NZ Budget
Yen bounces back
Strong trade data pushes Yen higher, Japan's surplus highest in six-years; Yen remains cheapest of all the majors on a real basis; EUR falls on weaker PMI data
by Jason Wong
1
Strong trade data pushes Yen higher, Japan's surplus highest in six-years; Yen remains cheapest of all the majors on a real basis; EUR falls on weaker PMI data
Conviction for more RBNZ cuts evaporates
Markets no longer price in a full OCR cut. BNZ pushes back its estimate. RBNZ can find many excuses not to cut
by Jason Wong
2
Markets no longer price in a full OCR cut. BNZ pushes back its estimate. RBNZ can find many excuses not to cut
USD buying interest starting to weaken
US major currency TWI index has risen strongly on better data and possible Fed tightening; G7 leaders fail to agree on how to improve global growth
by Jason Wong
2
US major currency TWI index has risen strongly on better data and possible Fed tightening; G7 leaders fail to agree on how to improve global growth
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
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
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
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
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
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
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
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
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
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