The New Zealand dollar weakened against other major currencies in the Asian session on Monday, as Asian stock markets are mostly lower on Monday following the negative cues from the Wall Street and European markets, as well as the tumble in crude oil prices Friday. Investors are in a cautious mode ahead of the US Federal Reserve’s monetary policy meeting later this week.

Crude oil futures retreated Friday, giving back strong gains from earlier in the week amid concerns that next week’s OPEC meeting will fail to address the global supply glut.

Meanwhile, the International Monetary Fund maintained its global growth projections for this year and 2018, and raised outlook for China.