An index of global supply pressures eased again in August, continuing a steady decline from its Dec. 2021 peak, the New York Fed reported on Wednesday.

Indonesia's central bank governor Perry Warjiyo said on Wednesday that the benchmark interest rate was set to rise further, but not to expect policy tightening to be as aggressive as the U.S. Federal Reserve.

The European Central Bank will raise interest rates again on Thursday to fight runaway inflation and, with a big move and a record one under consideration, the only question is by how much.

The U.S. unemployment rate may need to reach as high as 7.5%, double its current level, to end the country's outbreak of high inflation, according to new estimates from a team of researchers including two staff economists from the International Monetary Fund.

The dollar resumed its rise in Asia on Thursday after falling back from a two-decade high overnight, as investors pondered the path of global monetary policy ahead of a European Central Bank rate decision and comments from Federal Reserve Chair Jerome Powell later in the day.

The U.S. trade deficit narrowed in July as exports hit a record high, a trend that could see trade continuing to contribute to gross domestic product in the third quarter.