Reserve Bank of Australia Governor Bullock said the key question is whether monetary tightening to date is sufficient to return inflation to target within a reasonable timeframe.

KPMG Canada chief economist Ali Jaffery said he is not inclined to support a BOC rate hike on Wednesday but would not call such a move a policy mistake. He noted that despite job losses and softer market sentiment, the central bank appears intent on pre-empting inflationary pressure from persistently high oil prices. Jaffery said a 25bp hike followed by another would keep the policy rate within the BOC’s estimated neutral range. He added a hike could prolong the economy's weakness, though officials may judge there are sufficient positive factors to sustain growth.

Norwegian prime minister said he is under the impression that Moscow is making full preparations for the Abu Dhabi meeting.