US dollar climbs for first session in three ahead of Powell's speech

USD/JPY tilted higher in Asian trade following earlier Japanese data and after US President Joe Biden's State of the Union speech.

As of 06:39 GMT, USD/JPY rose 0.24% to 114.15, with an intraday high at 115.16

From Japan, capital spending rose 4.3% in the fourth quarter of last year, up from 1.2%, while the monetary base rose 7.6%, slowing down from 8.4% in January.

US President Joe Biden in his State of the Union speech, said that inflation steals families' gains throughout the years, and asserted his administration's high priority to deal with high prices and local supply lines.

Biden also said that energy expenditure for families could fall by as much as $500 a year through combatting climate change and supporting clean energy sources.

Biden also said his administration is rebuilding the economy from its basic structures not from above, with a particular focus on the labor sector.

Biden also talked about the geopolitical tensions in eastern Europe, asserting such a war will make Russia much weaker in front of the world, and asserted his administration is forming a special work force to prosecute Russian elites and support the Ukrainians. 

From the US, private sector employment is expected up 378 thousand last month, after losing 301 thousand jobs in January.