* RBA September policy meeting outcome due at 0430GMT

* Rates seen steady, but focus on tone of RBA statement

* NZ awaits Fonterra's auction

By Gyles Beckford and Cecile Lefort

WELLINGTON/SYDNEY, Sept 2 (Reuters) - The Australian dollar scaled a 15-month peak against the yen on Tuesday, and gave some ground versus its U.S. counterpart as investors awaited the outcome of the Reserve Bank of Australia's (RBA) monthly policy meeting.

The central bank is considered certain to hold rates steady at a record low of 2.5 percent and to signal further stability for policy. Markets will be scrutinising the tone of the statement.

"A mention of the improved investment outlook could be warranted, and may provide some support for the Aussie," said Emma Lawson, senior currency strategist at National Australia Bank.

The local currency has gained nearly 5 percent this year.

The Australian dollar AUD=D4 edged down to $0.9307 from $0.9331 in early trade, but was still close to a peak of $0.9374 touched last week. It remained well within the 92-95 cent band seen since March.

Initial support was found at $0.9310, then $0.9288, the 61.8 percent retracement of the $0.9235-$0.9374 move.

Carry trade demand, borrowing in yen to buy higher yielding Aussie assets, catapulted the Aussie as far as 97.55 yen AUDJPY=R , a level not seen since May 2013. It was last at 97.48, having gained 9 yen since a trough in February.

Charts point north with dealers eyeing a move to 98.15, the 61.8 percent retracement of its 2013 fall. The Aussie also stood tall against a battered euro, having touched its highest in more than a year EURAUD=R .

Local data was mixed with a jump of 2.5 percent in house approvals in July and a narrowing in the country's current account deficit. But other figures showed a dip in government spending in the second quarter as well as a larger-than-expected negative impact on growth from net exports.

GDP figures for the second quarter are due on Wednesday with expectations of a small rise of 0.4 percent. ID:nS9N0PX01U ID:nS9N0PX01W ID:nL3N0R24BO

The New Zealand dollar NZD=D4 had a softer tone at $0.8358, from $0.8377 in early trade. The main test for the kiwi looks to be dairy giant Fonterra's fortnightly auction overnight.

"If dairy prices weaken again we may test $0.8300, while a rebound in results could move us quickly above $0.8400," said ASB Bank senior economist Chris Tennent-Brown in a note.

Sliding dairy prices, down more than 40 percent from their February peak, have been a key factor weighing on the kiwi.

Near term support was seen at $0.8345 and with offers at $0.8410.

The fragility of commodity prices was seen in the ANZ Bank's price index for New Zealand main export items, which fell to a 17-month low, although the recent currency fall softened the price declines. ID:nW9N0PX01T

The New Zealand dollar was also drawing support from being slightly firmer on cross rates against other majors, sending the trade weighted basket to a one-week high.

New Zealand government bonds 0#NZTSY= traded with a slight bid tone, pushing yields a tick lower along the curve.

Australian government bond futures were soft, with the three-year bond contract YTTc1 3 ticks lower at 97.330. The 10-year contract YTCc1 shed 1.5 tick at 96.670.

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

Keywords: MARKETS AUSTRALIA/FOREX