We discuss collinear and noncollinear magnetism in transition metal alloys
such as Fe-Ni on the basis of ab initio calculations. It is shown that osci
llating interatomic exchange integrals and chemical ordering tendencies det
ermine the behavior of the individual magnetic moments leading to antiferro
magnetic and noncollinear admixture of magnetic moments in the ferromagneti
c-like ground state. We explain how the chemical environment of the magneti
c moments leads to an intrinsic magnetovolume instability which is responsi
ble, among others, for unusual lattice softening and the Invar effect.