Bullish Outside Day

NZD/USD was mostly driven by the greenback's gyrations on Monday, with little in the way of NZ-centric drivers. The rate surged into the London morning, but failed to take out the $0.7200 mark and eased off a tad into the close, albeit still finished on the front foot.

• Kiwibank analysts see house price growth topping out at around 25% in Q2 before moderating to ~1% by the end of 2022. National housing supply should be able to meet demand by 2024, leading to better affordability.
• NZ Foreign Min Mahuta refused to back the idea to broaden the remit of the Five Eyes alliance to include taking stance on issues such as human rights breaches in China.
• New Zealand's quarterly CPI report, due Wednesday, headlines the local docket during the remainder of this week. Credit card spending comes out Friday.
• Worth mentioning that the results of the latest GDT auction will be released in the London afternoon.
• The rate last sits at $0.7182, barely changed on the day. A clearance of Monday's high/round figure of $0.7198/0.7200 would shift bullish focus to Mar 18 high of $0.7269. On the flip side, a fall through Monday's low of $0.7122 would open up Apr 7 low of $0.6997.