USD/JPY backs off seven-month high

USD/JPY tilted lower in Asian trade away from August 28 highs, following earlier data from Japan and ahead of US data later today. 

As of 07:15 GMT, USD/JPY fell 0.01% to 106.55, with an intraday low at 106.37, and a seven-month peak at 106.70. 

Japan's manufacturing PMI rose to 51.4 from 49.9 in the preliminary reading for February, and compared to 49.8 in January.

From the US, Federal Reserve Bank of New York President John Williams is due to deliver opening remarks at a webinar hosted by the Federal Reserve Bank of New York.

Federal Reserve Governor Lael Brainard is due to speak about financial stability at a virtual conference hosted by the Institute of International Bankers.

Also from the US, the manufacturing PMI is expected unchanged at 58.5, while construction spending is expected up 0.7%, slowing down from 1% in December.