It didn't help that the US dollar was back on the climb. The euro and pound were both batted back by about 0.6%, leaving the former near $1.1070 and sterling at $1.2350. On Friday, Britain had become the first major economy to have its credit rating cut because of the coronavirus.
Australia's benchmark ASX200 registered a late surge, closing 7% up after Prime Minister Scott Morrison unveiled a $130bn package to help to save jobs. As a result, central banks have mounted an all-out effort to bolster activity with rate cuts and huge asset-buying campaigns, which have at least eased liquidity strains in markets.
Rodrigo Catril, a senior forex strategist at NAB, said the main question for markets was whether all the stimulus would be enough to help the global economy withstand the shock.
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