Markets appear to be positioning for a weak quarterly employment report from New Zealand that could fuel RBNZ rate cut bets, but what if the numbers come in better than expected? Our Event Guide for New Zealand's Jobs Report suggests that an upside employment surprise could spark a short-term bounce but won't likely be enough to dampen dovish RBNZ expectations. Here's what I'm watching on AUD/NZD and NZD/USD in this scenario.