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

8 years 11 months

Latest articles

US Treasury yields push higher; modest movements in currency markets

US equities continue to power up towards a fresh record high, albeit led by the IT sector, with narrow gains and most sectors weaker. Trump continues to threaten import tariffs, but the actual path remains unclear

23rd Jan 25, 7:42am

by Jason Wong

NZD steady, as markets await trade clarity

Trump "thinking" about a 25% tariff on Canada and Mexico from 1 Feb; market "thinking" it probably won't happen as market jolt fades; CAD fully recovers from a 5-year low "Massive" announcement on infrastructure coming today

22nd Jan 25, 7:50am

by Jason Wong

USD broadly weaker

Trump inaugurated; his address outlined priorities. USD broadly weaker down around 1%; NZD up 1.3%. US markets closed for holiday, but equity and Treasury futures nudge higher

21st Jan 25, 7:37am

by Jason Wong

Trump inaugurated; his address outlined priorities. USD broadly weaker down around 1%; NZD up 1.3%. US markets closed for holiday, but equity and Treasury futures nudge higher

USD broadly stronger

Trump and President Xi talked on Friday night and "the call was a very good one". US equities ended last week on a strong note. Focus this week will be on Trump's executive orders post inauguration

20th Jan 25, 7:21am

by Jason Wong

Trump and President Xi talked on Friday night and "the call was a very good one". US equities ended last week on a strong note. Focus this week will be on Trump's executive orders post inauguration

Global forces push NZ rates down and flatter

US retail sales show a robust end to last year. Incoming US Treasury Secretary Bessent gives market-friendly comments. Japanese yen firms as market confident of a rate hike coming

17th Jan 25, 7:53am

by Jason Wong

US retail sales show a robust end to last year. Incoming US Treasury Secretary Bessent gives market-friendly comments. Japanese yen firms as market confident of a rate hike coming

Eyes in inflation tracks, including upcoming NZ ones

US core CPI slightly weaker than markets expected. UK CPI data also softer than expected. BoJ hike next week remain live. NZ rates market continues cross-market underperformance, exacerbated by positioning; NZGB 10yr at a 7-month high

16th Jan 25, 7:46am

by Jason Wong

NZD recovers a little after slumping to a fresh 2-year low

Modest recovery in US equities after their slump following the Fed's hawkish rate cut. US 10-year rate rises to its highest level since the end of May; curve steepens

20th Dec 24, 7:59am

by Jason Wong

Modest recovery in US equities after their slump following the Fed's hawkish rate cut. US 10-year rate rises to its highest level since the end of May; curve steepens

A sobering NZ economic and fiscal update; NZGB yields at record wides to swap

Commodity and Asia-pacific currencies underperform; NZD, AUD, CAD, Asia Dollar index fall to year, or multi-year, lows. US retail sales data conveying robust consumer spending

18th Dec 24, 7:47am

by Jason Wong

Commodity and Asia-pacific currencies underperform; NZD, AUD, CAD, Asia Dollar index fall to year, or multi-year, lows. US retail sales data conveying robust consumer spending

NZD bounces back a little

PMI data show rising momentum across the services sector in Europe, with the US continuing to outperform. US Treasury yields near session highs after the data; 10-year rate at 4.41%; US equities stronger

17th Dec 24, 7:55am

by Jason Wong

NZD along for the ride

US PPI data higher than expected but friendly undertones. ECB cuts policy rate by 25bps, but not as dovish as expected. Stronger Australian employment report hoses down rate cut expectations

13th Dec 24, 7:53am

by Jason Wong

US PPI data higher than expected but friendly undertones. ECB cuts policy rate by 25bps, but not as dovish as expected. Stronger Australian employment report hoses down rate cut expectations

Both the AUD and NZD whacked

RBA makes a dovish pivot after recent softer data; market brings forward path of easier policy, driving down Australian rates and the AUD

11th Dec 24, 8:04am

by Jason Wong

RBA makes a dovish pivot after recent softer data; market brings forward path of easier policy, driving down Australian rates and the AUD

Currency market brought alive after China announcement

China's Politburo shifts from a "prudent" to a "moderately loose" monetary policy stance. The announcement triggered a turnaround in sentiment, with a stronger yuan seeing the NZD and AUD bounce-back

10th Dec 24, 7:48am

by Jason Wong

China's Politburo shifts from a "prudent" to a "moderately loose" monetary policy stance. The announcement triggered a turnaround in sentiment, with a stronger yuan seeing the NZD and AUD bounce-back

The AUD continues to languish, and the NZD rises against it

Markets in holding pattern ahead of the US employment report. Bitcoin blasts up through USD100,000. No adverse reaction to French political crisis. OPEC+ pushes back plans to lift production

6th Dec 24, 7:49am

by Jason Wong

Markets in holding pattern ahead of the US employment report. Bitcoin blasts up through USD100,000. No adverse reaction to French political crisis. OPEC+ pushes back plans to lift production

NZD consolidates below 59 USc

Political crisis in Korea, but little spillover. Chinese yuan falls to a fresh low for the year. Fed speakers suggest December meeting live, but dependent on jobs report

4th Dec 24, 7:49am

by Jason Wong

Political crisis in Korea, but little spillover. Chinese yuan falls to a fresh low for the year. Fed speakers suggest December meeting live, but dependent on jobs report

NZD languishes but the NZD/EUR rises

US economic data continues to positively surprise, with gains in PMI indicators. French political crisis helps the USD, but JPY is the strongest of the majors

3rd Dec 24, 7:39am

by Jason Wong

US economic data continues to positively surprise, with gains in PMI indicators. French political crisis helps the USD, but JPY is the strongest of the majors

"A zone of volatility for prices and inflation coming": Hawkesby

AUD supported after RBA reiterates inflation still too high. NZD steady. RBNZ MPC members rolled out in post MPS interviews. Lower NZ rates follow global moves

29th Nov 24, 7:40am

by Jason Wong

AUD supported after RBA reiterates inflation still too high. NZD steady. RBNZ MPC members rolled out in post MPS interviews. Lower NZ rates follow global moves

NZD/USD at a fresh low for the year while NZD/AUD breaks below 90 AUc ahead of RBNZ MPS

Surprising falls in UK and Euro area PMIs against surprising strength in the US PMI drove down European yields and currencies while supporting the USD

25th Nov 24, 7:21am

by Jason Wong

Surprising falls in UK and Euro area PMIs against surprising strength in the US PMI drove down European yields and currencies while supporting the USD

NZD languishes below 59 USc and below 90 AUc

US Treasuries continue to consolidate. There were mixed US second-tier data releases overnight. Ukraine-Russia war escalation continues. Market reaction was muted, although European currencies continue to struggle

22nd Nov 24, 7:49am

by Jason Wong

The USD is broadly stronger, seeing the NZD back below 59 USc

US equities weaker, awaiting Nvidia's results. UST benchmark yields ignore rising Ukraine tensions

21st Nov 24, 7:40am

by Jason Wong

US equities weaker, awaiting Nvidia's results. UST benchmark yields ignore rising Ukraine tensions

Commodity currencies have outperformed, with the NZD pushing up to 59 USc

Risk-off & volatility were generated by geopolitical factors, but they quickly settled. US equities firmed, UST yields softened. Commodity currencies rose

20th Nov 24, 7:43am

by Jason Wong

Risk-off & volatility were generated by geopolitical factors, but they quickly settled. US equities firmed, UST yields softened. Commodity currencies rose

NZD dips then recovers

The USD is broadly weaker for a change, falling against most majors. The NZD hit a fresh 2024 low below 58.4 USc before recovering. US equities in modest recovery after last week’s retreats

19th Nov 24, 7:21am

by Jason Wong

The USD is broadly weaker for a change, falling against most majors. The NZD hit a fresh 2024 low below 58.4 USc before recovering. US equities in modest recovery after last week’s retreats

The NZD found support at 58.5 USc and has recovered a little from there

Trump trade reach exhaustion. US equities down modestly, and US Treasury yields fall, all despite stronger than expected US economic data

15th Nov 24, 7:41am

by Jason Wong

Trump trade reach exhaustion. US equities down modestly, and US Treasury yields fall, all despite stronger than expected US economic data

NZD falls as yuan weakens

US equity markets at new record highs as markets pared Fed rate cut expectations. The USD is broadly stronger. The NZD and AUD underperform as China’s policy package avoids stimulating consumer spending

11th Nov 24, 7:21am

by Jason Wong

The NZD continues to languish

Ahead of the Fed there has been some reversal of the Trump trade in currency and bond markets, while US equities have continued to power ahead. Another cut by the Fed is certain, key will be the tone of the press conference

8th Nov 24, 7:53am

by Jason Wong

NZD falls -1% vs the USD

In the wake of a decisive victory for Trump and the Republican party at the US elections, market movements have been significant. USD rises, UST rates jump

7th Nov 24, 7:46am

by Jason Wong

In the wake of a decisive victory for Trump and the Republican party at the US elections, market movements have been significant. USD rises, UST rates jump