The South Korea stock market has moved lower in back-to-back sessions, slumping almost 50 points or 1.8 percent along the way. The KOSPI now sits just above the 2,675-point plateau and it's likely to take further damage on Thursday.

Canadian stocks tumbled on Wednesday on concerns the Federal Reserve might keep interest rates higher for longer in the event of U.S. inflation readings coming in hotter than expected.

Australia will on Thursday see preliminary April figures for building approvals, highlighting a modest day for Asia-Pacific economic activity. In March, approvals were up 1.9 percent on month and down 2.5 percent on year.

The Canadian market is down firmly in negative territory Wednesday afternoon as stocks from across several sectors reel under a severe bout of selling pressure amid concerns about interest rate outlook, and weak commodity prices.

U.S. economic activity continued to expand from early April to mid-May, according to the Federal Reserve's Beige Book, although conditions varied across industries and districts. The report also said prices increased at a modest pace over the reporting period and are expected to continue to grow at a modest pace in the near term.

The AUD/USD pair rose to 0.6650 on Wednesday following the release of Australian economic data. Australia’s consumer price index (CPI) accelerated to 3.6% year-on-year in April, up from 3.5% in March.

Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Accelerating German inflation supports the euro on the downturn

Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Australia's inflation is ticking up despite weak retail sales

US stock indices under pressure as yields climb. German CPI could dictate next week’s ECB rhetoric. Yen underperformance lingers; all eyes on Friday’s Tokyo CPI

The Dollar Index, which measures the value of the Greenback against 6 major currencies, steadied to finish with modest gains at 104.63 (104.55 yesterday).