• Employment over the September quarter was weaker than widely anticipated, and softer than the tentative signs of stabilisation implied by business surveys. 
• The RBNZ Governor stepped up the jawboning of markets last week, emphasising the differences between Australia and NZ.
• Fonterra revised up its dairy payout forecast for the current season to $6.05 per kg of milk solid from $5.10, after another strong outcome in its online dairy auction.  The magnitude of the lift is huge, and puts the payout at a level that will take considerable strain off the sector over the next year.

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