If the labour market weakens more than expected, this should confirm the NZD sceptics. After all, the interest rate hikes are then slowly taking effect, but inflation remains (still) clearly too high. Add in concerns about the Chinese economy and things don't look so good for the New Zealand Dollar. 

However, if the labour market proves to be somewhat more robust than expected – as in recent quarters – the RBNZ would certainly have more scope for further tightening. This in turn should benefit the NZD.