FX Watch: NZD/JPY and GBP/NZD’s Breakout Setups if NZ Q3 Labor Data Disappoints

Were traders right to expect a more dovish bias for the Reserve Bank of New Zealand (RBNZ) last week?

Our Event Guide for New Zealand’s Q3 2025 Employment Report points to a possible downside surprise later this week. Softer numbers could reinforce expectations that the RBNZ will need to cut interest rates later this year.

Here’s why GBP/NZD and NZD/JPY may present legit trading opportunities if New Zealand’s report misses market estimates.