SYDNEY: Asian stocks rebounded sharply on Tuesday as the U.S. Federal Reserve's promise of bottomless dollar funding eased painful strains in financial markets, even if it could not soften the immediate economic hit of the coronavirus.
In its latest drastic step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni bonds. Analysts cautioned it would do little to offset the near-term economic damage done by mass lockdowns and layoffs. A range of flash surveys on European and U.S. manufacturing for March are due later on Tuesday and are expected to show deep declines into recessionary territory.
"The special role of the USD in the world's financial system – it is used globally in a range of transactions such as commodity pricing, bond issuance and international bank lending – means USD liquidity is at a premium," said CBA economist Joseph Capurso.For now, the prospect of massive U.S. dollar funding from the Fed saw the currency ease back to 110.38 yen from Monday's one-month top of 111.56.
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