Safe-haven currencies, including the dollar, eased on Thursday, pausing for breath after big gains the previous session as Wall Street stocks tumbled amid mounting concerns that aggressive tightening by the Federal Reserve and other central banks could choke growth.

Asia's stock markets struggled to carry recent gains into a fourth straight session on Wednesday and the US dollar steadied, as nagging doubts about inflation and the drag from rate rises crept back in to the global growth outlook.

Asian equities were mostly up Friday following a tumultuous trading period on Wall Street, which rebounded at the close after investors calmed down about US policies to counter surging inflation.

The United States administration has vowed to take action to boost supplies of baby formula as President Joe Biden was slammed by Republicans for crippling shortages nationwide.

The dollar index rose to its highest level since Dec. 12, 2002.

With surging prices undermining wage gains and hurting American families, US President Joe Biden said Tuesday that fighting inflation is his top priority, but he may have limited tools to tackle the issue.

The cooling would come after Indonesian benchmark prices for nickel, aluminum and gold rose to all-time highs in April.

Asian shares tumbled to their lowest in nearly two years on Tuesday as investors shed riskier assets on worries about higher interest rates and their impact on economic growth, while the dollar held near 20-year highs.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 percent.

Asian shares tumbled on Friday while the US dollar and Treasury yields rose in a reversal of a day earlier after investors expressed concerns that rising interest rates could hurt global economic growth.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.52 percent, although trading was thin with Japanese and Korean markets closed for public holidays.

The dollar held firm at a 20-year high on Friday and was poised to score its best monthly gain in a decade, while the yen is down almost 7 percent in April and the euro dropped through $1.05 for the first time in five years.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent on Friday.

Shares of some of Indonesia's leading palm oil plantation companies and the rupiah currency dropped on Thursday after the government shocked markets by making last-minute changes to an export ban to include crude palm oil and other refined products.

Share markets steadied on Thursday, taking comfort in technology earnings, though an energy crisis in Europe and China's lengthy lockdowns kept the mood cautious and have propelled the dollar close to 20-year highs, while the euro hit a five-year low.

Financial markets, already anxious about the prospects for aggressive US interest rate hikes, a spike in global inflation and the Ukraine war, were rattled this week over slowdown fears in China as Beijing stuck firm to stringent COVID-19 lockdowns.

Indonesian farmers fear the government-imposed ban on palm oil exports will see fresh fruit bunch (TBS) prices free fall amid an expected domestic supply glut.

Asian markets sank Monday on growing concerns of a sharp hike in US interest rates as officials struggle to contain runaway inflation, while oil was hit by expectations Chinese demand will dry up owing to COVID lockdowns.

Asian markets fell sharply at the open on Friday, trailing losses on Wall Street after the US Federal Reserve boss said an interest-rate hike was likely forthcoming.

Chinese and Hong Kong shares hit month lows and the yuan fell to its lowest in six months as Shanghai authorities said tough COVID-19 restrictions would remain in place.

Jakarta producers of traditional kerupuk (crackers) plan to raise prices on May 6 in response to higher ingredient costs.

Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.5 percent.

The Japanese yen hit a 20-year low against the dollar on Tuesday in a development attributed to US economic outperformance amid high energy prices while the Ukraine crisis shows no signs of abating.

Tokyo's benchmark Nikkei 225 index was down 1.25 percent in early trade, while Hong Kong and Sydney were closed for holidays.

Traders were waiting for a European Central Bank meeting later in the day to see if it was as hawkish as others have been.

Latest US data raised hopes that inflation may be close to peaking, though several major central banks raised rates aggressively.

Asian stocks went against the losses seen on Wall Street and across Europe.

GoTo, the largest digital ecosystem in the archipelago nation of 270 million people, was formed by the merger of ride-hailing company Gojek and e-commerce platform Tokopedia in May 2021.

The mood in equity markets was cautious, with MSCI's broadest index of Asia-Pacific shares outside Japan easing 1.0 percent.

Fed monetary policy is at the top of the agenda this week as investors fret over how quickly officials will withdraw their vast pandemic-era financial support.