* USD slips after rebound, awaits Fed, G-20
* Kiwi rallies after Fonterra raises payout to farmers
By Rika Otsuka
TOKYO, Sept 22 (Reuters) - The dollar dipped on Tuesday after rallying broadly on Monday when traders took profits on short dollar positions ahead of key event risks such as a Federal Reserve monetary policy meet and a Group of 20 summit.
The New Zealand dollar surged to a 13-month high against the dollar and a six-week peak against the yen after dairy exporter Fonterra raised its estimated payout to farmer shareholders, pointing to strong demand and a recovery in dairy prices.
Activity was subdued in Asia as Japanese financial markets were closed for a national holiday. Tokyo markets will resume trading on Thursday after a holiday.
"Few believe that a trend in the dollar is shifting to upward even after Monday's rise in the greenback," said Tsutomu Soma, senior manager of foreign securities at Okasan Securities.
"Technical factors are moving currency rates at the moment, with market participants waiting to hear whether the Fed has something to say about a possible exit from its emergency steps later this week."
Against a basket of currencies, the dollar was down 0.3 percent at 76.520, but holding well above a one-year low of 76.01 struck on Sept. 17.
The index has shed over 2 percent this month as speculators dumped the dollar amid rising confidence in a global recovery and expectations that rates will stay at rock-bottom levels.
The U.S. dollar fell 0.3 percent to 91.68 yen after posting hefty gains on Monday, when it rose as high as 92.55 yen on trading platform EBS. Resistance is seen around 92.70 yen according to the Ichimoku chart.
KIWI FLIES HIGH
The New Zealand dollar rose as high as $0.7187 on Reuters trading system. It later slipped back to $0.7172 to stand up 1.5 percent on the day.
Against the Japanese currency, the kiwi rallied 1.4 percent to 65.89 yen, its strongest since Aug. 10.
The euro edged up 0.3 percent to $1.4718. The European single currency fell 0.15 percent on Monday, falling at one point to around $1.46.
The euro was little changed at 135.00 yen, after rising 0.6 percent on Monday.
Analysts said major currencies would be subdued in coming days ahead of the outcome of the G20 meeting and the Federal Reserve's policy meeting on Tuesday and Wednesday.
"Persistent consolidation seems to have set in ahead of the G20 meeting," said Clifford Bennett, chief economist at Kinetic Securities. "Especially in the currency market there is increasing fear of some "strong dollar" statements and/or political rhetoric about the euro being too strong."
A document outlining the U.S. position ahead of the Sept. 24-25 G20 summit in Pittsburgh said exporters, which include China, Germany and Japan, should consume more, while debtors like the United States ought to boost savings..
Analysts said the U.S. plan to start rebalancing the global economy was unlikely without further depreciation in the dollar.
"This macro backdrop smacks of a new policy that a strong dollar is no longer in the nation's interest," said David Watt senior currency strategist at RBC Capital.
"(President) Obama basically lays out the case that the U.S is no longer capable of carrying the burden of global growth," he added.
The Fed is expected to hold rates steady but markets will be interested to know when its ultra-loose policy will start to be tightened. (Additional reporting by Anirban Nag in Sydney; Editing by Neil Fullick)