The decision by Bank Indonesia to cut rates comes amid news of a trade deal with the U.S. that could ease the tariff overhang on the economy.

Indonesia's central bank cut rates on Wednesday for the fourth time since September and said a revised tariff deal with the United States was positive for Southeast Asia's biggest economy amid weakening global trade and slowing domestic demand.

The European Central Bank will likely hold off on making another interest rate cut Thursday, choosing to wait until it can measure the size of any economic blow from higher US tariffs.