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 9 months

Latest articles

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

AUD rises, takes NZD with it

Despite the uncertain US election outcome, market pricing consistent with “risk-on”, with stronger US equities, higher rates and a broadly weaker USD. RBA gives a reality check that inflation still too high to warrant easing

6th Nov 24, 7:42am

by Jason Wong

The NZD makes no gains against a weaker USD

Trump trade reverses. The USD is broadly lower and US rates are lower across the curve led by the long end. Oil prices are up nearly 3% on OPEC+’s delay to increase supply and hawkish Iran talk

5th Nov 24, 7:45am

by Jason Wong

Trump trade reverses. The USD is broadly lower and US rates are lower across the curve led by the long end. Oil prices are up nearly 3% on OPEC+’s delay to increase supply and hawkish Iran talk

The NZD continues to languish

US equities end month on a weak note, on weaker forward guidance. The reaction to the UK Budget continues to reverberate, with higher UK rates, weaker GBP. The BoJ left the door open for a possible December rate hike

1st Nov 24, 7:50am

by Jason Wong

The NZD languishes at a fresh multi-week low

Oil prices slide 5% as geopolitical risk premium fades. JPY weaker following Japan’s Lower House election. The Trump trade extends, with higher US Treasury yields, higher US equities and a broadly stronger USD

29th Oct 24, 7:21am

by Jason Wong

NZD holds on

Market movements modest, with US equities currently showing a small gain, while global rates are lower after their recent rise. Global PMI data were in line with expectations, with small changes in October

25th Oct 24, 7:57am

by Jason Wong

The USD is broadly stronger

Global rates are broadly higher without a satisfactory explanation. US Treasury yields are up 7-9bps across the curve with some even larger moves in many European countries. Higher rates have driven weaker equity markets

22nd Oct 24, 7:26am

by Jason Wong

NZ in tight range, still on the sidelines

China activity data showed a lift in momentum. Japan CPI inflation now above target for a full 2½ years. US equities extending their record-breaking run

21st Oct 24, 7:20am

by Jason Wong

China activity data showed a lift in momentum. Japan CPI inflation now above target for a full 2½ years. US equities extending their record-breaking run

NZD range trades on quiet currency markets

Stronger than expected US retail sales data saw the market pare the scope for easier Fed policy and drove higher US Treasury yields. The AUD was supported after a strong labour market report

18th Oct 24, 7:41am

by Jason Wong

Stronger than expected US retail sales data saw the market pare the scope for easier Fed policy and drove higher US Treasury yields. The AUD was supported after a strong labour market report

NZD steady overnight. NZD/AUD and NZD/GBP both higher

US equities modestly higher after yesterday's dip. Soft NZ and UK CPI data drive the market to bring forward projected rate cuts for the RBNZ and BoE. Broad USD strength as the Trump trade continues

17th Oct 24, 7:43am

by Jason Wong

US equities modestly higher after yesterday's dip. Soft NZ and UK CPI data drive the market to bring forward projected rate cuts for the RBNZ and BoE. Broad USD strength as the Trump trade continues

NZD settles in below 61 USc

US equities continue their record-breaking run. Market reaction to the underwhelming weekend policy announcement by China well contained. Signs of a return to the Trump trade, with the USD broadly stronger

15th Oct 24, 7:58am

by Jason Wong

Weaker risk appetite weighs on the NZD and AUD

The combination of higher oil prices and a strong US ISM services survey has driven US Treasury yields higher. The USD is broadly stronger and GBP is the weakest of the majors

4th Oct 24, 7:42am

by Jason Wong

The combination of higher oil prices and a strong US ISM services survey has driven US Treasury yields higher. The USD is broadly stronger and GBP is the weakest of the majors

The NZD soft, probing lows near 62.6 USc

Following yesterday’s volatile session, after Iran’s missile attack on Israel, markets are calmer as they await the next move. The yen is much weaker after dovish comments by Japan’s new PM and the BoJ Governor

3rd Oct 24, 7:41am

by Jason Wong

Soft QSBO supports the case for more front-loaded RBNZ rate cuts

Geopolitical factors have outweighed economic data releases in their market impact overnight. Safe haven currencies have outperformed. The NZD is down nearly 1½% from this time yesterday

2nd Oct 24, 7:50am

by Jason Wong

Geopolitical factors have outweighed economic data releases in their market impact overnight. Safe haven currencies have outperformed. The NZD is down nearly 1½% from this time yesterday

Positive local sentiment underpins rates, eyes on QSBO

China’s equity market continued to surge in the aftermath of last week’s policy stimulus announcement. The China trade has helped drive the NZD and AUD up to fresh highs for the year

1st Oct 24, 7:39am

by Jason Wong

China’s equity market continued to surge in the aftermath of last week’s policy stimulus announcement. The China trade has helped drive the NZD and AUD up to fresh highs for the year

The NZD at a fresh high for the year in the afterglow of China’s smorgasbord of policy stimulus

Weaker CPI figures bring higher odds of a ECB cut. US PCE inflation metrics were also market-friendly. The yen strengthened after an LDP candidate sympathetic to the BoJ policy to become the next PM

30th Sep 24, 7:29am

by Jason Wong

Weaker CPI figures bring higher odds of a ECB cut. US PCE inflation metrics were also market-friendly. The yen strengthened after an LDP candidate sympathetic to the BoJ policy to become the next PM

Saudis to raise white flag on oil price ambitions

China's growth stimulus has supported risk appetite and Asia-Pacific currencies. The NZD is up 1%. Equities have increased to fresh record highs. Stronger US economic data drove higher US Treasury yields. Oil prices fell

27th Sep 24, 7:56am

by Jason Wong

Broad-based fall in the USD, with NZD leading all others higher

Risk appetites rising supported by a smorgasbord of Chinese easing measures to support their economy, while RBA update seen as dovish and weaker US consumer confidence also market moving events

25th Sep 24, 7:47am

by Jason Wong

Risk appetites rising supported by a smorgasbord of Chinese easing measures to support their economy, while RBA update seen as dovish and weaker US consumer confidence also market moving events