By Colin Packham and Charlotte Greenfield
SYDNEY/WELLINGTON, May 18 (Reuters) - Australian shares dipped on Wednesday, falling for the first time in three sessions as revived expectations of an U.S. interest rate hike weighed, though stronger commodities prices offset some of the losses.
The S&P/ASX 200 index .AXJO fell 0.1 percent or 7.74 points to 5,388.1 by 0230 GMT. The benchmark rose 0.69 percent on Tuesday.
"The market seems to be nervous about U.S. data holding up better than expected and two Fed speakers coming out and being hawkish for a rate hike in June," said Angus Nicholson, market analyst, IG Markets.
"That has sent some jitters through the market."
Financial stocks weighed on the index, with shares in National Australia Bank Ltd NAB.AX and Macquarie Bank Ltd MBL.UL both falling more than 1 percent, while Commonwealth Bank of Australia edged down nearly 0.5 percent.
Losses were curbed though by stronger commodity markets, which aided the country's miners and resource companies.
Shares in BHP Billiton (LON:BLT) Ltd BHP.AX rose nearly 2 percent to hit more than a two-week high, while Fortescue Metals Group Ltd FMG.AX rose 1 percent to also hit a 14-day top after iron ore prices rallied as much as 3 percent overnight
Shares in Origin Energy ORG.AX rose nearly 3 percent as prices hit a five-month high, drawing support as the price of oil hovered close to a 2016 high.
New Zealand's benchmark S&P/NZX 50 index .NZ50 edged down 0.3 percent or 18.90 points to 6,955.97.
Steel Tube STU.NZ fell 3.11 percent after the steel products processor said full-year 2016 profits were expected to fall short of the previous year. software company Xero XRO.NZ lost 2.4 percent and Fisher & Paykel Healthcare FPH.NZ lost 1.2 percent.
Mobile payment app Pushpay Holdings PAY.NZ fell 3.08 percent after announcing its net loss had increased almost 160 percent. company Infratil IFT.NZ was among the biggest gainers, rising 1.21 percent after the company announced its full-year results. Bank HBL.NZ rose 0.85 percent after announcing its nine-month net profits were up 10 percent.