The U.S. dollar was largely unchanged Thursday, with activity in the foreign exchange market subdued as investors hold fire amid abundant near term event risk.

The euro and Italian bonds declined after European Union finance ministers failed to agree on joint measures to cushion the region’s economy against the impact of the coronavirus crisis.

Asian stock markets rallied for a second day on Tuesday and riskier currencies rose, on tentative signs the coronavirus crisis may be levelling off in New York and receding in Europe. Gains, however, lacked Monday’s momentum as the number of coronavirus cases kept rising globally and an economic crash on a scale not seen for generations looms large.

Stocks jumped on Monday as investors were encouraged by a slowdown in coronavirus-related deaths and new cases, while oil prices skidded after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive.

The dollar was in demand in early trading in Europe on Friday, as investors sought safety following the dire U.S. unemployment figures which illustrated the extent of the economic fallout from the coronavirus pandemic.

The dollar edged lower in European trading Thursday, with investors seemingly prepared to move out of the safe haven into riskier currencies ahead of key U.S. unemployment data.

Asian shares were closing out a calamitous quarter with a tentative rally on Tuesday as factory data from China held out the hope of a rebound in activity, even as much of the rest of the world shut down.

Asian shares were closing out a calamitous quarter with a tentative rally on Tuesday as factory data from China held out the hope of a rebound in activity, even as much of the rest of the world shut down.

European stocks fell on Friday, halting their biggest ever three-day rally in a sign investors were focusing once more on the spread of the coronavirus pandemic despite hopes for further stimulus measures to combat its economic impact.