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NZD/USD holds steady at $0.6406, unmoved by....>

KIWI
KIWI: NZD/USD holds steady at $0.6406, unmoved by the release of REINZ house
sales, which declined by 6.1% Y/Y in Aug. The publication of BusinessNZ m'fing
PMI survey at the bottom of the hour will conclude NZ data prints for this week.
- The rate's Thursday fluctuations were driven, for the most part, by reactions
to developments in Sino-U.S. trade relations. The White House's decision to
delay the next round of tariffs on China by two weeks ignited upside momentum,
with gains extended as BBG reported that Beijing may permit the resumption of
U.S. agricultural imports. However, after peaking at $0.6451 NZD faded alongside
commodity-tied FX space, weighed on by softening oil prices. Some volatility was
triggered in the London afternoon as the latest ECB MonPol decision moved USD in
both directions, and then amid conflicting reports on whether the U.S. is
willing to strike an interim trade deal with China. Late doors selling pressure
took NZD/USD to $0.6399; subsequent uptick resulted in a marginally lower close.
- Bears look for a clean break under the $0.6400 level before attempting a move
at the 21-DMA, today at $0.6383. Topside attention is drawn to yesterday's
peak/upper 1.0% 10-DMA envelope at $0.6451/52.
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