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

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

All eyes on the RBNZ. Will they or won't they cut today?

A benign US PPI got the market’s attention and helped drive lower US rates, a lower USD and higher US equities. Against broad-based weakness in the USD, the NZD has outperformed

14th Aug 24, 7:45am

by Jason Wong

A benign US PPI got the market’s attention and helped drive lower US rates, a lower USD and higher US equities. Against broad-based weakness in the USD, the NZD has outperformed

The NZD outperforms ahead of the RBNZ's MPS

A quiet start to a busy week, with US equities flat, US Treasury yields slightly lower and modest changes in major currencies. The economic calendar picks up, with Australian wages data, UK labour market data and US PPI ahead

13th Aug 24, 7:46am

by Jason Wong

Currency movements saw the NZD and AUD falling into last week's close

Big week ahead, with RBNZ MPS and key global data, including the US CPI. US equity markets recovered on Friday with a modest gain while the US Treasuries curve flattened

12th Aug 24, 7:18am

by Jason Wong

Big week ahead, with RBNZ MPS and key global data, including the US CPI. US equity markets recovered on Friday with a modest gain while the US Treasuries curve flattened

The NZD has managed hold 60 USc level despite lower short-rates

A larger than expected fall in US initial jobless claims allayed fears of a pending US recession, sending US equities much higher and US Treasury yields higher, with the 10-year rate returning to a 4% handle

9th Aug 24, 7:41am

by Jason Wong

NZD holds its gains from the HLFS 'surprise'

Risk appetite recover further, although risks remain and US equities gains have morphed into losses. US Treasury yields have pushed higher and the NZD has outperformed

8th Aug 24, 7:42am

by Jason Wong

Risk appetite recover further, although risks remain and US equities gains have morphed into losses. US Treasury yields have pushed higher and the NZD has outperformed

After a few days of carnage, markets have swung back in the opposite direction

Risk appetite returned, with global equities rebounding, UST yields higher, the yen falling and commodity currencies outperforming. A more hawkish than expected update by the RBA. Key NZ labour market data out today to show further deterioration

7th Aug 24, 7:50am

by Jason Wong

NZD little-changed despite some big global moves

Risk appetite fell after weaker than expected US economic data on the labour market and manufacturing sector. US equities have fallen significantly, and the US 10-year Treasury yield has fallen below 4%

2nd Aug 24, 7:42am

by Jason Wong

The NZD and Yen outperform ahead of heavy event calendar

Lower tech stocks have driven US equities down while UST yields are lower, ignoring slightly stronger than expected US JOLTs data and consumer confidence. JPY strengthened after report that the BoJ will consider a hike at today’s meeting

31st Jul 24, 7:56am

by Jason Wong