Singapore's central bank tightened its monetary policy on Thursday, in an off-cycle move, saying the action would slow inflation as the city-state joins other economies scrambling to fight mounting price pressures.

The dollar resumed its relentless rise on Thursday, driven by both expectations for faster Federal Reserve policy tightening and safe-haven flows amid growing fears of a recession.

Oil prices rose on Thursday, with Brent breaking above $100 a barrel, as investors weighed tight supplies against the prospect of a large U.S. rate hike that would stem inflation and curb crude demand.

Asian shares were pinned at two-year lows on Thursday after white-hot U.S. inflation data drove fears the Federal Reserve will raise interest rates even more aggressively, which boosted the safe haven dollar.

Japan warned on Thursday that a new wave of coronavirus cases appears to be rapidly spreading through the nation, calling on people to be especially careful ahead of an upcoming long weekend and imminent summer school vacations.

Stocks made slight gains across Asia on Wednesday while the euro hovered just above parity against the dollar as investors awaited a highly anticipated U.S. inflation report later in the global day.