SHARP CONTRACTION
Manufacturing data in Asia painted a bleak picture. Factory activity in Japan and South Korea posted the biggest contractions in about a decade.
The Bank of Japan's "tankan" corporate survey showed Japanese manufacturers turned pessimistic for the first time in seven years.
Surveys due later on Wednesday from countries including Germany and the United States are expected to do similarly little for investor confidence, while U.S. private employment data is likely to show a drop in payrolls.
The virus has now killed more than 42,000 people and infected more than 851,000 in 205 countries.
Goldman Sachs on Tuesday said it now forecasts a real GDP sequential decline of 34% in the United States this quarter, on an annualised basis, compared with an earlier estimate of a 24% drop.
"In the absence of either a material improvement in global risk sentiment, or commodity prices, then together with ongoing dollar strength, we are not convinced the Australian dollar can easily maintain its foothold back above $0.60," National Australia Bank analysts said in a note.