The kiwi takes a beating vs USD and yen, skidding nearly 1 percent to $0.8227 and 64.16 yen. Traders cite talk of macro fund selling.
The Aussie not far behind, 0.4 pct lower at $1.0417 from Friday's late New York trade of $1.0457. Aussie seen stuck between $1.0400 and $1.0520 near term, having recently displayed a high volatility.
Just this month, it has peaked to a near six-month high of $1.0625 from a low of $1.0162. Key support seen at $1.0367, last week's low.
Kiwi seen consolidating in the near term. Support seen initially at $0.8208, with the topside's first hurdle at $0.8310 ahead of $0.8335, the high on Sept. 21.
Weak Asian bourses, falling commodity prices and persistent worries about a hard landing in China's economy weigh on risk assets. Sentiment not helped by recent deteriorating fundamentals in Europe.
Markets are waiting to see if Spain will ask for a bailout and activate the European Central Bank's new bond-buying programme, which should give a boost to high-beta currencies.
Also undermining the Aussie is increasing chat about a highly overvalued currency with many banks lowering their AUD/USD forecasts.
Markets narrow odds the Reserve Bank of Australia (RBA) will have to cut interest rates as early as next month.
Interbank futures pricing implies a two-in-three chance of an easing in the RBA's 3.5 percent cash rate in October, while fully pricing in a move in November.
Yet, the Aussie remains a major beneficiary of foreign flows into the nation's AAA-rated government bonds. Australia is one among a shrinking pool of countries still rated triple A by major agencies.
Australian debt futures higher, with the three-year contract up 0.06 points to 97.470 and the 10-year contract 0.055 points higher at 96.860.
Euro extends gains against the Antipodeans. Against the Aussie, the single currency sits at A$1.2415 from A$1.2397 in NY close. Up around 0.4 percent against the kiwi at NZ$1.5725 moving further from last week's one month low.
No major data due in Australia and NZ on Monday. Other events this week include RBA financial stability report, and a couple of speeches by officials. NZ has data on trade, business sentiment, building.
NZ government bonds firmer with yields down around 3 basis points.