By Cecile Lefort and Rebecca Howard
SYDNEY/WELLINGTON, April 26 (Reuters) - Australian and New Zealand shares dipped on Tuesday, mirroring softness across much of Asia with investors wary of taking big positions ahead of key policy meetings this week.
Policy decisions by the U.S. Federal Reserve, Bank of Japan (BOJ) and the Reserve Bank of New Zealand (RBNZ) are dampening appetite for risk assets, traders and analysts said.
While the Fed is considered certain to stand pat on interest rates, expectations are divided on whether the RBNZ will cut or stay on hold.
A Reuters poll of 23 economists shows the vast majority expect rates to be kept steady at 2.25 percent, while markets RBNZWATCH imply around a 50-50 chance of a cut on Thursday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.7 percent or 46.56 points to 6,819.55.
Macquarie Equities Investment Advisor Brad Gordon said the lack of catalysts means that the market is likely to remain fairly subdued. He said the main focus would be on the central bank's policy decision on Thursday.
Spark SPK.NZ added 1.1 percent, benefitting from news of management changes.
In the other direction, Meridian Energy MEL.NZ shed 2.3 percent.
The S&P/ASX 200 index .AXJO skidded 0.4 percent or 19.4 points to 5,216.900. The benchmark gained 1.5 percent last week, having touched its highest since early January.
Shares in mining companies eased on the back of a slip in prices of iron ore, Australia's top export earner. The steel-making mineral has leapt 51 percent so far this year, but bears are increasingly sceptical that the recent rally will last.
Fortescue Metals FMG.AX was among the worst performers of the top 200 companies, with a drop of nearly 6 percent. Fellow miners BHP Billiton (LON:BLT) BHP.AX and Rio Tinto (LON:RIO) RIO.AX fell 2.6 percent and 3 percent, respectively.
Banks, however, were mixed with National Australia Bank NAB.AX and ANZ ANZ.AX down 0.7 percent, while Commonwealth Bank CBA.AX and Westpac Bank WBC.AX were up between 0.8 percent and 1 percent.
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(Editing by Jacqueline Wong)