The U.S. Federal Reserve will raise rates by 50 basis points in September amid expectations inflation has peaked and growing recession worries, according to economists in a Reuters poll, who said the risks were skewed towards a higher peak.

Asian shares slipped on Monday and the dollar extended its climb amid angst over global growth as most major banks keep raising rates, while a modest easing by China served only to highlight troubles in its property market.

The U.S. dollar index hit a fresh five-week high on Monday after another Federal Reserve official flagged the likelihood of continued aggressive monetary tightening ahead of the central bank's key Jackson Hole symposium this week.

China cut its benchmark lending rate and lowered the mortgage reference by a bigger margin on Monday, adding to last week's easing measures, as Beijing boosts efforts to revive an economy hobbled by a property crisis and a resurgence of COVID cases.

The euro zone's current account swung back to a small surplus in June on an improvement in the trade of services and higher primary income, which includes earning from investments abroad, European Central Bank data showed on Friday.

Euro zone inflation reached a new record high of 8.9% year-on-year in July, the EU's statistics office confirmed on Thursday, with the core measure, excluding the most volatile components and key for monetary policy, also sharply up.