The U.S. dollar was higher against its major counterparts in the European session on Friday, buoyed by a spike in treasury yields following comments from Federal Reserve Chair Jerome Powell supporting aggressive rate hikes to tackle soaring inflation.

The benchmark yield on the 10-year note touched 2.92 percent. Yields move inversely to bond prices.

Speaking at an IMF panel discussion, Powell signaled that two or more half-point hikes would be appropriate at upcoming meetings to tame inflation.

Investors are pricing in a half-point move in May and a 75 basis point hike in June.

The prospect of bigger rate hikes spooked global markets, while the rally in the dollar weighed on commodities.

The greenback appreciated to 0.9570 against the franc, ts strongest level in nearly two years. If the greenback rises further, it may challenge resistance around the 0.97 level.

The greenback jumped to its highest level since November 2020 against the pound, at 1.2856. The greenback may target resistance around the 1.25 level.

The greenback rebounded to 128.59 against the yen, from a low of 127.74 seen at 2 am ET. The greenback is likely to find resistance around the 130.00 level.

The greenback touched more than a 5-week high of 0.7266 against the aussie and near a 2-month high of 0.6644 against the kiwi, up from its prior lows of 0.7377 and 0.6737, respectively. The greenback is seen finding resistance around 0.72 against the aussie and 0.64 against the kiwi.

The greenback was up against the loonie, at a fresh 5-week high of 1.2696. Next likely resistance for the currency is seen around the 1.29 level.

The greenback resumed its early rally against the euro, hitting a 2-day high of 1.0784. On the upside, 1.06 is likely seen as the next resistance level for the currency.

Euro vs US Dollar (FX:EURUSD)
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