What hve the developments been affecting NZD's outlook? - UOB

Analysts at UOB Group explained the recent developments surrounding NZ's job market and global dairy trade. 

Key Quotes:

"New Zealand’s labor market soured in the second quarter, with employers shedding jobs for the first time in two years. Overall employment declined 0.2% in the June quarter, following a gain of 1.2% in the first quarter. The jobless rate fell 0.1 point to 4.8%, as expected, as workforce participation declined. The participation rate fell to 70% on the quarter from 70.6% previously. That was unchanged from the previous quarter. 

Prices in the latest Global Dairy Trade (GDT) auction, the 3rd sale of the 2017/18 season, fell 1.6% following a 0.2% increase at the previous sale. Whole Milk Powder prices rose 1.3% following a 0.3% decline previously, although Skim Milk Powder prices declined 3.0%. There was a significant correction in butter prices which fell 4.9% after notable strength during the past few months."