sign up log in
Want to go ad-free? Find out how, here.

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

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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Risk-on mood lifts UST rates, but only modestly
A third of the world's developed market sovereign debt has negative yields. Now a 50:50 chance of an April cut by RBNZ
by Jason Wong
1
A third of the world's developed market sovereign debt has negative yields. Now a 50:50 chance of an April cut by RBNZ
Risk appetite sours
Not obvious why market has turned so much; AUD casualty of risk-off move; NZD softer after QSBO showed weaker business confidence; better than expected dairy auction
by Jason Wong
2
Not obvious why market has turned so much; AUD casualty of risk-off move; NZD softer after QSBO showed weaker business confidence; better than expected dairy auction
'Inevitable' NZ swap rates will dip below Australian equivalents
Yields slip in Germany, the US, Australia and NZ. The gap between the NZ and Australian 2-year swap rate now less than 10 bps
by Jason Wong
Yields slip in Germany, the US, Australia and NZ. The gap between the NZ and Australian 2-year swap rate now less than 10 bps
Sea of red across commodity markets
Recent commodity rally overdone, prices now correcting; Saudi's will only freeze oil production if Iran follows, oil price falls to under $36/bbl; NZD/USD down 1%; prospects for weaker dairy auction overnight
by Jason Wong
Recent commodity rally overdone, prices now correcting; Saudi's will only freeze oil production if Iran follows, oil price falls to under $36/bbl; NZD/USD down 1%; prospects for weaker dairy auction overnight
NZ rates driven lower by Aussie rally
In a global low yield environment, NZ’s relatively high yields stand out as representing very good value. Offshore demand is strong
by Jason Wong
In a global low yield environment, NZ’s relatively high yields stand out as representing very good value. Offshore demand is strong
NZD flat after 'Goldilocks' US jobs report
US and China supply markets with stronger data, Japan with weaker data. Currencies little changed although the Yen rises with Japan risk-off mood
by Jason Wong
US and China supply markets with stronger data, Japan with weaker data. Currencies little changed although the Yen rises with Japan risk-off mood
Global 'risk-off': US 'risk-on'
A better-than-expected China PMI result pushes up the NZ yield curve. Stronger US jobs data confuses investors over probability of a US hike
by Jason Wong
1
A better-than-expected China PMI result pushes up the NZ yield curve. Stronger US jobs data confuses investors over probability of a US hike
US Treasury yields fall despite hawkish speeches
US Treasury yields continue to decline although one full US rate hike is implied by market pricing; NZ swap curve steepened as long end rises sharply; strong demand expected for latest NZDMO bond tender
by Jason Wong
US Treasury yields continue to decline although one full US rate hike is implied by market pricing; NZ swap curve steepened as long end rises sharply; strong demand expected for latest NZDMO bond tender
Fed speakers hawkish
Message from latest round of Fed speakers suggest hikes should be looked at next month; USD in broad based rise; NZD/AUD back over 89c
by Jason Wong
Message from latest round of Fed speakers suggest hikes should be looked at next month; USD in broad based rise; NZD/AUD back over 89c