The New Zealand Kiwi is down, with the NZD/USD trading at 0.7268, or 0.22% lower, on Thursday. The Australian dollar hit an overnight high of 0.7711 to reach near 3-week highs before the AUD/USD fell to 0.7661, trading down 0.40%.

Australia is facing a risk of a housing bubble in Sydney, according to a report from the UBS Global Real Estate Bubble index. The announcement is expected to weigh on the Aussie in the short-term. The report looks at housing prices in 18 financial centers across the world. Sydney ranked as the fourth highest priced housing prices behind London, Stockholm and Vancouver.

Prices for Sydney’s houses have risen 45% in the past four years.

OPEC came to a deal for the first time since 2008 to cut oil supplies to 32.5 – 33 million gallons a day in an effort to stabilize the market.

The unexpected deal will reduce output by up to 2.2% a day. OPEC has stated that the deal will only help stabilize prices if non-OPEC members also cut down on their production. The deal comes after days of talks with Iran and Saudi Arabia, causing the deal to remain tied up.

In the United States, the U.S. dollar index is up 0.28% to trade at 95.58 against a basket of six major currencies. Federal Reserve Chair Janet Yellen remarked to Congress that there isn’t a fixed timetable to raise interest rates.

She stated that if the current job creation data remained on its pace, rates would need to be raised faster than expected.

The GBP/USD also lost traction on Thursday, with the pair trading at 1.3001, down 0.15%. The U.K. released positive data, which did little to offset Yellen’s comments. Net lending to individuals rose to £4.5 billion, up from £3.8 billion the previous month, according to the Bank of England.