The dollar fell sharply on Monday on heightened expectations the Federal Reserve will take a less aggressive monetary path as authorities stepped in to limit the fallout from the sudden collapse of Silicon Valley Bank (SIVB.O).

The U.S. government announced several measures early during the Asian trading day, saying all SVB customers will have access to their deposits starting on Monday.

The authorities also said depositors of New York's Signature Bank (SBNY.O), which was closed Sunday by the New York state financial regulator, would be made whole at no loss to the taxpayer.