The Australian and NZ dollars fell against their major counterparts in the Asian session on Monday amid rising risk aversion, as investors awaited the Federal Reserve's policy meeting for more signals on a rate hike in March and on growing fears of Russia's invasion of Ukraine.

The Fed's two-day policy meeting begins on Tuesday, with investors seeking more clarity on its outlook for rate hikes.

Markets are expecting four quarter-percentage-point hikes this year, starting in March.

The U.S. State Department ordered the families of US diplomats in Ukraine to leave the country due to intensifying threats of Russian military action.

Washington also authorized the departure of non-essential embassy staff at the government's expense and told all U.S. citizens in the country to consider leaving immediately.

The aussie weakened to near a 2-week low of 0.7157 against the greenback and a 5-day low of 0.8998 against the loonie, off its early highs of 0.7188 and 0.9035, respectively. The next possible support for the aussie is seen around 0.70 against the greenback and 0.88 against the loonie.

Reversing from its early highs of 1.5769 versus the euro and 81.83 against the yen, the aussie dropped to a 6-day low of 1.5819 and near a 5-week low of 81.44, respectively. The aussie is likely to find support around 1.60 versus the euro and 80.00 against the yen.

The aussie eased to 1.0666 against the kiwi, from a high of 1.0702 seen at 8:30 pm ET. On the downside, 1.05 is possibly seen as its next support level.

The kiwi hovered at 0.6705 against the greenback, its weakest level since December 21. The kiwi may face support around the 0.66 level.

The kiwi retreated to 76.25 against the yen and 1.6886 against the euro, from its prior highs of 76.58 and 1.6846, respectively. The kiwi is seen challenging support around 74.00 against the yen and 1.70 against the euro.

Looking ahead, PMI reports from major European economies are due in the European session.

Markit's U.S. flash composite PMI for January is scheduled for release in the New York session.

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