The commodity currencies such as the Australian, the New Zealand and the Canadian dollars fell against their major counterparts in the European session on Wednesday, as the International Monetary Fund warned that the global economy will face the worst recession since the Great Depression in the 1930s due to the coronavirus outbreak.

The Washington-based organization now expects the global economy to contract by 3 percent in 2020, reversing its January forecast for an expansion of 3.3 percent.

The U.S. reported at least 2,405 new deaths linked to Covid-19 on Tuesday, the most fatalities in a single-day since the epidemic began. Japan recorded 457 new infections, taking the total number of infections across the country to 8,812.

Confirmed infections of coronavirus have more than tripled to climb above 10,000 in Peru over the past week, the South American country's health ministry reported.

There are over 1.9 million confirmed cases worldwide, with the death toll reaching 126,604 as of Wednesday morning.

Survey data from Westpac showed that Australia's consumer confidence declined the most on record in April after the coronavirus outbreak evolved from serious concern to full-blown pandemic.

The Westpac-Melbourne Institute Index of Consumer Sentiment plunged 17.7 percent to 75.6 in April from 91.9 in March.

The aussie depreciated to a 6-day low of 67.88 against the yen, after rising to 69.07 at 5:00 pm ET. Should the aussie slides further, it may find support around the 65.00 level.

The aussie fell to 2-day lows of 0.6325 against the greenback, 1.7282 versus the euro and 0.8846 versus the loonie, off its previous highs of 0.6444, 1.7036 and 0.8949, respectively. The aussie is likely to find support around 0.60 against the greenback, 1.80 versus the euro and 0.86 versus the loonie.

Pulling away from near a 5-month high of 1.0572 set at 9:45 pm ET, the aussie edged lower to 1.0513 against the kiwi. On the downside, 1.04 is possibly seen as its next support level.

The kiwi declined to a 6-day low of 0.6015 against the greenback, 9-day low of 64.46 against the yen and a 1-week low of 1.8205 versus the euro, reversing from its early highs of 0.6109, 65.48 and 1.7976, respectively. The kiwi is seen locating support around 0.58 against the greenback, 63.00 against the yen and 1.86 versus the euro.

The loonie slipped to a 2-day low of 1.3998 against the greenback, 6-day low of 1.5315 against the euro and a 9-day low of 76.64 versus the yen, from its early highs of 1.3876, 1.5233 and 77.23, respectively. The next likely support for the loonie is seen around 1.43 against the greenback, 1.55 against the euro and 72.00 versus the yen.

Looking ahead, New York Fed's empire manufacturing survey for April, U.S. business inventories for February, NAHB housing market index for April, retail sales and industrial production for March and Fed Beige book report will be featured in the New York session.

The Bank of Canada's interest rate decision is scheduled for release at 10:00 am ET. Economists expect the benchmark rate to remain unchanged at 0.25 percent.

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