Jan 27 (Reuters) - Australian shares are set to open lower on Wednesday, likely slipping from their 11-month high scaled on Monday as investors take a cautious stance ahead of domestic inflation data and the outcome of a U.S. Federal Reserve meeting expected on Thursday.
The local share price index futures YAPcm1 fell 0.3%, a 76.7-point discount to the underlying S&P/ASX 200 index .AXJO close. Markets in Australia were closed on Tuesday for a public holiday. The benchmark ended 0.4% higher on Monday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.4% in early trade.