Australia & NZ dollars resilient to Ukraine jitters, RBA awaited

* Awaiting outcome of RBA policy meeting at 0330GMT, no move expected

* Phrasing on Aussie dlr in statement could trigger sharp move

* Aussie bond futures off one-month highs

By Gyles Beckford and Cecile Lefort

SYDNEY/WELLINGTON, March 4 (Reuters) - The Australian dollar was proving resilient to tensions in Ukraine on Tuesday, underpinned by strong housing data that reinforced expectations of a steady interest rate outlook.

The Aussie rose to $0.8945 AUD=D4 , from $0.8927 in early trade and a low of $0.8891 on Monday. While the crisis in Ukraine caused a bout of risk aversion on Monday, Asian markets were looking steadier on Tuesday, awaiting fresh developments.

At home, the Reserve Bank of Australia (RBA) is widely expected to keep rates at a record low of 2.5 percent at its policy meeting on Tuesday and to renew its message of rates set for a period of stability. AU/INT

Data on Tuesday supported the RBA's optimism that low rates are feeding through to housing with approvals to build new homes jumping 6.8 percent in January, handily beating forecasts of a 2 percent rise. News Search ID:nS9N0KH00R

Total approvals were up 35 percent on January last year at their highest since 2002, pointing to a substantial expansion in construction activity ahead.

The outcome reinforced speculation the RBA will remain on hold this year with interbank futures 0#YIB: giving around one-in-four chance of a rate cut by September.

Financial markets imply a risk of a rate hike on a 12-month horizon, albeit only 6 basis points.

Tuesday's RBA statement will be analysed for any mention about the Aussie dollar given it rose 2 percent last month, its largest increase since October. The central bank has long favoured a lower currency to help support the economy.

The New Zealand dollar NZD=D4 held firm at around $0.8364, with the prospect of higher rates underpinning the currency.

"This broader story of domestic strength may help to support the New Zealand dollar even in the face of deteriorating global risk appetite," said Bank of New Zealand strategist Kimberly Martin.

Near-term support for the kiwi was seen at $0.8340, with resistance at $0.8390 ahead of a significant barrier at $0.8430.

The ANZ Bank's latest commodity price index for February hit a record high for a third consecutive month, driven by dairy and log exports. That mirrored strong data which showed the country's terms of trade at a 40-year high. News Search ID:nW9N0IO02O

New Zealand government bonds 0#NZTSY= were flat.

Australian government bond futures retreated from a one-month high with the three-year bond contract YTTc1 down 3 ticks to 97.160. The 10-year contract lost 1 tick to 96.070.

(Editing by Eric Meijer)

((Cecile.Lefort@thomsonreuters.com)(+61 2 9373-1234)(Reuters Messaging: cecile.lefort.thomsonreuters@reuters.net))

Keywords: MARKETS AUSTRALIA/FOREX