Thursday's GlobalDairyTrade auction is expected to get the most attention in New Zealand this week as most investors focus on offshore developments.
Renewed jitters about global growth would continue to hold greater sway than the little data from New Zealand, BNZ senior economist Craig Ebert said.
The resumed price plunge of 7.3% at the last auction had beaten him into a ''stronger stage of agnosticism'' regarding near-term direction for global dairy prices, Mr Ebert said.
''If there is no material bounce at this week's auction, we will crystallise the down-side risk we've been emphasising and move our dairy milk price forecast for this season down to $5 - perhaps even lower - from the $5.30 mark we went with at the time of Fonterra's announcement on September 24.''
Also on Thursday, September's job advertisement figures would be released, he said.
They could be negative, given they were taken before September's general election.
However, on Thursday afternoon, ANZ-RM consumer confidence results would be released, one of the first post-election economic reads.
Attention would turn to whether confidence had lifted from its already sturdy level in September of 127.7 points, Mr Ebert said.
Thursday's Performance in Manufacturing Index would be compared with its solid reading of 56.5 in August.
