USD/JPY tilted higher in Asian trade off May 7 lows following earlier data from Japan and ahead of US data and testimonies by Fed Chair Jerome Powell and US treasury secretary Steven Mnuchin.

As of 05:53 GMT, USD/JPY rose 0.17% to 107.76, with an intraday high at 107.79. 

Earlier Japanese data showed industrial output fell 8.4% in May, compared to a 9.8% drop in April, and missing estimates of a 5.6% drop.

Japan's unemployment rose to 2.9% from 2.6% in April, while housing starts fell 12.3% in May. 

From the US, housing prices are expected up 3.8% in May, while the Chicago PMI is expected at 45.0. 

An index tracking US consumer sentiment is expected up to 91.6 from 86.6.

Federal Reserve Bank of New York President John Williams is due to speak about the US recession and policy response at a webinar hosted by the Institute for International Finance. 

Federal Reserve Governor Lael Brainard will also speak about the Dodd-Frank Act at a webinar co-hosted by the Brookings Institution and the University of Michigan.

Federal Reserve Bank of Minneapolis President Neel Kashkari will participate in a virtual panel discussion about racial inequalities and social justice hosted by the National Association of Business Economics.

 Federal Reserve Chair Jerome Powell will testify, along with Treasury Secretary Steven Mnuchin, before the House Financial Services Committee, in Washington DC.

In an earlier testimony last week, Powell warned of permanent job losses while expecting no full recovery from the pandemic before confidence is restored. 

Congress has put up $3 trillion so far in stimulus for households and small businesses, while the Fed launched support programs surpassing a trillion dollars to support household and corporate credit markets. 

The World Health Organization warned "the worst hasn't come yet" in the pandemic, as it continues to accelerate and spread. 

Oil prices rose today as risk appetite improves while investors shrug off the spiking numbers of Covid 19 infections. 

Reuters reported that OPEC cut output in June in accordance with the deal to cut output in cooperation with other producers. 

There has been increased commitment to the deal this month compared to May, bolstering prices. 

The dollar index rose 0.2% to 97.6 as of 18:00 GMT, marking a session-high at 97.6. 

US West Texas rose 3.1% to $39.6 a barrel, with an intraday high at $39.7. 

Brent gained 1.8% to $41.87 a barrel, marking a session-high at $41.9 a barrel. 

US dollar lost ground in European trade against a basket of major rivals on track for the first loss in four days as risk appetite improves, hurting haven demand on the greenback, 

The dollar index fell 0.4% to 97.11, after closing up 0.1% on Friday, the third profit in a row. 

The dollar index marked a 0.2% loss last week, the first weekly loss in three on hopes for achieving quick global recovery from the coronavirus pandemic. 

Most global stocks rose today on hopes that highly infected countries such as the US, Brazil, and India would control the outbreak eventually similar to Europe and China. 

The hopes coincide with massive monetary and financial stimuli by major economies with growth expected to be back later this year. 

Sterling rose in European trade away from four-week lows against the greenback, as the dollar index retreats ahead of data and speeches by BoE officials. 

GBP/USD rose 0.4% to 1.2389, after closing down 0.7% on Friday, marking four-week lows at 1.2314. 

Sterling lost 0.1% last week against dollar, the third weekly loss in a row on doubts on whether Britain can manage a trade deal with the EU before the end of the Brexit transition period. 

The dollar index fell 0.2% on Monday on track for the first loss in four days on improving risk appetite, hurting the appeal of the greenback. 

External BOE MPC Member Gertjan Vlieghe will deliver a speech titled "Observed macroeconomic tail risk and asset prices: new long term evidence" at the BOE's Asset Pricing Workshop, via satellite.