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 8 months

Latest articles

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

Commodity currencies have outperformed, with the NZD up

Weaker euro area PMI data drove down rates in the region and dragged down the euro. UK PMI data weren’t as soft, while the US services PMI remained robust and inflation indicators were stronger

24th Sep 24, 7:49am

by Jason Wong

Weaker euro area PMI data drove down rates in the region and dragged down the euro. UK PMI data weren’t as soft, while the US services PMI remained robust and inflation indicators were stronger

NZD tests new resistance level

In the afterglow of the Fed’s jumbo rate cut, US equities lift to fresh record highs. The US Treasuries curve has steepened. The USD is broadly weaker on higher risk appetite

20th Sep 24, 7:51am

by Jason Wong

In the afterglow of the Fed’s jumbo rate cut, US equities lift to fresh record highs. The US Treasuries curve has steepened. The USD is broadly weaker on higher risk appetite

Domestic rates follow the US market, with substantial easing priced in

US rates are lower across the board on rising bets that the Fed will front-load the easing cycle with a 50bps rate cut this week. Lower rates support US equities but have worked against the USD, which is broadly weaker

17th Sep 24, 7:44am

by Jason Wong

Commodity currencies underperform

Markets pricing the Fed’s first easing for the cycle this week at a toss up between 25bps and 50bps. The US Treasuries curve steepened further, with a short end-led rally in bonds

16th Sep 24, 7:20am

by Jason Wong

Markets pricing the Fed’s first easing for the cycle this week at a toss up between 25bps and 50bps. The US Treasuries curve steepened further, with a short end-led rally in bonds

US Presidential debate has little market impact

US CPI data drove a swing in US Treasury yields and slightly higher core inflation sees the curve flatter and slightly higher. USS equities recovered early losses to now show a decent gain

12th Sep 24, 7:41am

by Jason Wong

US CPI data drove a swing in US Treasury yields and slightly higher core inflation sees the curve flatter and slightly higher. USS equities recovered early losses to now show a decent gain

The NZD is up against the USD and higher on the key major crosses

The key market move has been a further chunky fall in oil prices. Lower oil prices have supported lower interest rates. US equities are modestly higher while in currency markets JPY has outperformed

11th Sep 24, 7:49am

by Jason Wong

The key market move has been a further chunky fall in oil prices. Lower oil prices have supported lower interest rates. US equities are modestly higher while in currency markets JPY has outperformed

NZD holds little-changed

US equities have rebounded after last week’s hefty loss but otherwise market movements have been well contained. UST rates little-changed, while the USD shows a modest broadly based gain

10th Sep 24, 7:46am

by Jason Wong

US equities have rebounded after last week’s hefty loss but otherwise market movements have been well contained. UST rates little-changed, while the USD shows a modest broadly based gain

Breakfast briefing: Strong business confidence survey supports NZ dollar

NZ dollar meets resistance at level not seen since first trading day of 2024; Most US equities up despite Nvidia drop; UST yields rise as do NZ rates

30th Aug 24, 7:23am

by Jason Wong

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NZ dollar meets resistance at level not seen since first trading day of 2024; Most US equities up despite Nvidia drop; UST yields rise as do NZ rates

NZD rises against the EUR, slips against the USD

US Treasury yields remain in a consolidation mode with a curve steepening bias. A risk-off vibe and technical factors have seen the USD broadly stronger with European currencies underperforming

29th Aug 24, 7:48am

by Jason Wong

US Treasury yields remain in a consolidation mode with a curve steepening bias. A risk-off vibe and technical factors have seen the USD broadly stronger with European currencies underperforming

NZD probes a fresh seven-month high against the USD

US consumer confidence higher on lower interest rate outlook while labour market conditions soften further. US equities edge higher, US Treasury yields in clear curve steepening bias and the US is broadly weaker

28th Aug 24, 7:39am

by Jason Wong

NZD gives up some of last week's big gain

Markets are consolidating following the initial excitement following Powell’s Jackson Hole speech. US equities are down modestly, US Treasuries show small changes, and the USD is slightly stronger

27th Aug 24, 7:28am

by Jason Wong

Markets are consolidating following the initial excitement following Powell’s Jackson Hole speech. US equities are down modestly, US Treasuries show small changes, and the USD is slightly stronger

NZD rises on all crosses

Powell’s Jackson Hole speech was music to the ears of investors. Risk appetite increased, US equities up over 1%, Treasury yields fell, the USD was broadly weaker, and commodity prices rose

26th Aug 24, 7:29am

by Jason Wong

Powell’s Jackson Hole speech was music to the ears of investors. Risk appetite increased, US equities up over 1%, Treasury yields fell, the USD was broadly weaker, and commodity prices rose

USD stops falling. NZD eases back from overnight highs

There has been a reversal of recent price action, with US equities weaker, higher rates and a stronger USD. Data suggested no need for the Fed to panic, Fed speakers arguing for gradualism

23rd Aug 24, 7:46am

by Jason Wong

There has been a reversal of recent price action, with US equities weaker, higher rates and a stronger USD. Data suggested no need for the Fed to panic, Fed speakers arguing for gradualism

The NZD climbs again after very strong demand for NZ Govt bond

US Treasury yields are down 5-6bps, supported by benign Canadian CPI data. The USD is again broadly weaker, taking the DXY index down to fresh lows for the year; the yen is the strongest of the majors

21st Aug 24, 7:46am

by Jason Wong

The NZD climbs to 61 USc on a weaker USD

Fed speakers give the green light to a rate cut next month. Global equity markets rise. Eyes turn to Jackson Hole speakers

20th Aug 24, 7:35am

by Jason Wong

Fed speakers give the green light to a rate cut next month. Global equity markets rise. Eyes turn to Jackson Hole speakers