NZD/USD Holds Onto Gains, NZ Housing Market Still Booming

NZD/USD rallied in the wake of Wednesday's RBNZ MonPol decision, which saw policymakers tip hat to better than expected economic performance & lift the trough of their unconstrained OCR track, with RBNZ Gov Orr noting that "it's too early to tell" if bringing the OCR into negative territory will be needed. Paring RBNZ easing bets fuelled a surge to 19-month highs, before the pair eased off a tad on the back of broader recovery in the greenback. That said, the kiwi remained the best performer in G10 FX space

• This morning's REINZ data confirmed that New Zealand's housing market is booming. House sales increased to the highest level since mid-2016 and the price index rose 3.5% M/M & 13.5% Y/Y.
• NZD/USD has risen on every single day this month and last trades at $0.6883, virtually unchanged on the day and near multi-month highs. A break above Wednesday's peak at $0.6904 would open up the $0.6939-42 zone, which capped gains in 1Q2019. Bears look for a dip under the 50-DMA, intersecting at $0.6667.
• New Zealand's BusinessNZ M'fing PMI & food price index are due Friday.