India, March 31 -- The commodity currencies such as Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Monday amid increased risk-off mood by the investors, as the markets are priming up for the new U.S. tariffs later in the week, primarily the 25 percent tariffs on auto and auto parts imports. The Japanese market is pulling down the markets with a 3.7 percent drop on concerns that the tariffs could hit domestic production and auto sector jobs.
The uncertainty about U.S. President Donald Trump's aggressive trade policies and potential retaliation from major trading partners fueled fears of a slowdown in global economic growth.
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