The Malaysia stock market has moved lower in four straight trading days, sinking almost 25 points or 1.6 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,605-point plateau and it's likely to remain under pressure again on Thursday.

The total number of building permits issued in New Zealand was down a seasonally adjusted 1.9 percent on month in April, Statistics New Zealand said on Thursday - coming in at 2,926.

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 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).