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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

8 years 5 months

Latest articles

Against broad USD strength, the NZD has fallen
USD/JPY marched up through 160 to a fresh 38-year high, raising the chance of yen intervention. The PBoC continues to allow a softer yuan, while the AUD outperformed after a strong monthly CPI that caught the market off guard
27th Jun 24, 7:45am
by Jason Wong
USD/JPY marched up through 160 to a fresh 38-year high, raising the chance of yen intervention. The PBoC continues to allow a softer yuan, while the AUD outperformed after a strong monthly CPI that caught the market off guard
NZD in a tight range but down slightly
Market movements well contained. US equities up modestly, US Treasuries yields up slightly and the USD index is slightly stronger. Canadian inflation positively surprised, but this had more impact on rates than the CAD
26th Jun 24, 7:43am
by Jason Wong
Market movements well contained. US equities up modestly, US Treasuries yields up slightly and the USD index is slightly stronger. Canadian inflation positively surprised, but this had more impact on rates than the CAD
Greenback with red warning
NZD rises on weaker greenback
The S&P500 is down slightly, US Treasury yields show little net change and the USD is broadly weaker. Oil prices continue to push higher
25th Jun 24, 7:33am
by Jason Wong
The S&P500 is down slightly, US Treasury yields show little net change and the USD is broadly weaker. Oil prices continue to push higher
NYSE trading floor
NZ rates rose yesterday after NZ GDP and against a backdrop of higher global rates
There has been plenty of news to digest but market movements have been well-contained. The BoE opened the door for a first rate cut this cycle in August while the Swiss National Bank cut rates again
21st Jun 24, 7:38am
by Jason Wong
1
There has been plenty of news to digest but market movements have been well-contained. The BoE opened the door for a first rate cut this cycle in August while the Swiss National Bank cut rates again
NZD holds despite USD and AUD drivers
A weaker than expected US retail sales report supported US Treasuries, dragging the 10-year rate down to as low as 4.20% and pushed down the USD, reversing earlier strength. The AUD has outperformed after a more hawkish than expected RBA update
19th Jun 24, 7:48am
by Jason Wong
A weaker than expected US retail sales report supported US Treasuries, dragging the 10-year rate down to as low as 4.20% and pushed down the USD, reversing earlier strength. The AUD has outperformed after a more hawkish than expected RBA update
NYSE traders
Currency movements have been small, with the NZD giving up a little of last week’s gain
US equities have continued their record-breaking run while, after last week’s strong rally, US Treasury yields are modestly higher. European markets have settled after last week’s selloff, with French assets recovering
18th Jun 24, 7:33am
by Jason Wong
US equities have continued their record-breaking run while, after last week’s strong rally, US Treasury yields are modestly higher. European markets have settled after last week’s selloff, with French assets recovering
NYSE trading floor
NZD holds against a weaker USD, rises against EUR
Much softer than expected US PPI data and a further increase in jobless claims supported US Treasuries, taking yields down 7-8bps across the curve. Concerns around France remain the focus. Some flight-to-safety evident
14th Jun 24, 7:52am
by Jason Wong
Much softer than expected US PPI data and a further increase in jobless claims supported US Treasuries, taking yields down 7-8bps across the curve. Concerns around France remain the focus. Some flight-to-safety evident
rising-graph
NZD outperforms
There has been more fallout from French President Macron’s decision to call early parliamentary elections, with a flight to quality within European assets. US rates have pushed lower ahead of the key US CPI report
12th Jun 24, 7:56am
by Jason Wong
There has been more fallout from French President Macron’s decision to call early parliamentary elections, with a flight to quality within European assets. US rates have pushed lower ahead of the key US CPI report
NZD a strong performer
NZD and AUD have recover modestly
The outcome of European Parliament elections has been the key driver of markets. Elsewhere, markets holding until US CPI data and the Fed’s policy updates later in the week
11th Jun 24, 7:44am
by Jason Wong
The outcome of European Parliament elections has been the key driver of markets. Elsewhere, markets holding until US CPI data and the Fed’s policy updates later in the week
NYSE trading floor
The NZD consolidates, while the oil price moves up
Net market movements have been mostly small, with signs of consolidation across equities, bonds and currencies. European rates are slightly higher after the ECB’s “hawkish cut” and US Treasury yields are little changed
7th Jun 24, 7:47am
by Jason Wong
Net market movements have been mostly small, with signs of consolidation across equities, bonds and currencies. European rates are slightly higher after the ECB’s “hawkish cut” and US Treasury yields are little changed
USD is broadly stronger. Yen outperforms on less BoJ bond buying expectations
US Treasury yields fell for a fourth successive day, seeing the 10-year rate down towards 4.3%, supported by safe-haven flows after some surprising emerging market election results, lower oil prices, and softer US labour market data
5th Jun 24, 7:36am
by Jason Wong
US Treasury yields fell for a fourth successive day, seeing the 10-year rate down towards 4.3%, supported by safe-haven flows after some surprising emerging market election results, lower oil prices, and softer US labour market data
NYSE trading floor
The USD reversed course to be broadly weaker
US Treasury yields reversed course after their rise this week, encouraged by weaker data releases overnight. The 10-year rate is down 7bps to 4.54% with a slightly flatter curve
31st May 24, 7:43am
by Jason Wong
US Treasury yields reversed course after their rise this week, encouraged by weaker data releases overnight. The 10-year rate is down 7bps to 4.54% with a slightly flatter curve
Currencies on chessboard
NZD crosses are little changed
A surprise jump in US consumer confidence and weak demand for US Treasuries at the 2 and 5-year auctions drove up US rates, the 10-year rate rising over 7bps. The USD rose
29th May 24, 7:43am
by Jason Wong
A surprise jump in US consumer confidence and weak demand for US Treasuries at the 2 and 5-year auctions drove up US rates, the 10-year rate rising over 7bps. The USD rose
NZD swinging
NZD pushed up to fresh two-month highs
US & UK holidays tone down markets. Some dovish comments from key ECB members pushed down European yields; US equity futures are slightly higher, and US 10-year Treasury futures are little changed
28th May 24, 7:39am
by Jason Wong
US & UK holidays tone down markets. Some dovish comments from key ECB members pushed down European yields; US equity futures are slightly higher, and US 10-year Treasury futures are little changed
NYSE trading floor
NZD/AUD rising to a fresh five-week high, and NZD/JPY up to a 17-year high
Much stronger than expected US PMI data drove US rates and the USD higher and US equities lower. This saw the NZD lose earlier gains, but the spillover from the hawkish RBNZ policy update continued, with domestic rates higher
24th May 24, 7:51am
by Jason Wong
Much stronger than expected US PMI data drove US rates and the USD higher and US equities lower. This saw the NZD lose earlier gains, but the spillover from the hawkish RBNZ policy update continued, with domestic rates higher
NZD wobble
NZD eases again
More hawkish commentary from Fed speakers hasn’t perturbed the rates market, with US Treasury yields easing. Lower Canadian CPI inflation increases chance of BoC rate cut next month
22nd May 24, 7:45am
by Jason Wong
More hawkish commentary from Fed speakers hasn’t perturbed the rates market, with US Treasury yields easing. Lower Canadian CPI inflation increases chance of BoC rate cut next month
Tree snapped
NZD eases back
US Treasury yields up slightly, US equities up modestly and modest currency movements. More action in other markets, including record highs for copper and gold; NZ ETS carbon price slumps
21st May 24, 7:48am
by Jason Wong
US Treasury yields up slightly, US equities up modestly and modest currency movements. More action in other markets, including record highs for copper and gold; NZ ETS carbon price slumps
NYSE trading floor
NZD/AUD is higher after Australia's jobless rate rose
US Treasuries see yields steadily higher, reversing the fall seen following the US CPI release the previous night. This hasn’t perturbed equity markets, with the Dow Jones index breaking 40,000 for the first time
17th May 24, 7:52am
by Jason Wong
US Treasuries see yields steadily higher, reversing the fall seen following the US CPI release the previous night. This hasn’t perturbed equity markets, with the Dow Jones index breaking 40,000 for the first time
looking ahead to cpi
USD broadly weaker, allowing the NZD to push up
Markets remain in a holding pattern ahead of key US CPI release. Much higher than expected US PPI in April, but only a short-lived market reaction, given downward revisions. Biden announces range of tariffs on Chinese imports
15th May 24, 8:11am
by Jason Wong
Markets remain in a holding pattern ahead of key US CPI release. Much higher than expected US PPI in April, but only a short-lived market reaction, given downward revisions. Biden announces range of tariffs on Chinese imports
flat markets
Global markets are flat
Consolidation everywhere as markets await US CPI. Various NZ economic data released continued the recent theme of an economy going backwards and inflation pressure receding
14th May 24, 7:33am
by Jason Wong
Consolidation everywhere as markets await US CPI. Various NZ economic data released continued the recent theme of an economy going backwards and inflation pressure receding
NYSE trading floor
The broadly weaker USD sees the NZD move up
Much weaker than expected US initial jobless claims figures triggered lower US Treasury yields and a weaker USD, although moves have been modest. The BoE signalled a rate cut was soon coming
10th May 24, 7:47am
by Jason Wong
Much weaker than expected US initial jobless claims figures triggered lower US Treasury yields and a weaker USD, although moves have been modest. The BoE signalled a rate cut was soon coming
AUD down
NZD/AUD recovers
US Treasury yields continue to edge lower, with the 10-year rate down to a four-week low. The USD is stronger. A slightly less hawkish than expected RBA policy update sent Australian rates and the AUD lower
8th May 24, 8:13am
by Jason Wong
US Treasury yields continue to edge lower, with the 10-year rate down to a four-week low. The USD is stronger. A slightly less hawkish than expected RBA policy update sent Australian rates and the AUD lower
oil and currencies
NZD and AUD manage to sustain last week’s gains
RBA policy update later today. Global rates are slightly lower. Yen weaker after last week’s strong recovery. Oil flat amidst ceasefire proposal talk for Gaza
7th May 24, 7:29am
by Jason Wong
RBA policy update later today. Global rates are slightly lower. Yen weaker after last week’s strong recovery. Oil flat amidst ceasefire proposal talk for Gaza
NYSE trading floor
Stronger yen backdrop provides support for yuan, NZD and AUD
US Treasury yields fall further in the aftermath of the Fed's policy update; US 10-year rate down to 4.57%, first rate cut fully priced brought forward to November. Yen strengthens in the aftermath of further official intervention
3rd May 24, 7:44am
by Jason Wong
US Treasury yields fall further in the aftermath of the Fed's policy update; US 10-year rate down to 4.57%, first rate cut fully priced brought forward to November. Yen strengthens in the aftermath of further official intervention
Jerome Powell making a point
Powell douses rate-hike talk
The Fed’s policy update brought no surprises and little initial market reaction, but US rates and the USD fell when Powell said a rate hike "unlikely". NZ jobless rate rose to 3-year high, as expected, so little net market reaction
2nd May 24, 7:39am
by Jason Wong
1
The Fed’s policy update brought no surprises and little initial market reaction, but US rates and the USD fell when Powell said a rate hike "unlikely". NZ jobless rate rose to 3-year high, as expected, so little net market reaction
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