Analysts at TD Securities are expecting the New Zealand’s unemployment rate to tick back up to 4.3% in Q2, in line with consensus.

• “It's difficult to see anything in this data release though that would change the market's view on this week's expected RBNZ rate cut.
• We also have the fortnightly Dairy auction. The GDT index rose 2.7% at the last auction, putting a stop to falling prices over the prior 4 auctions. Since then milk futures have posted a 5% gain, suggesting stability is returning to the market.”