The U.S. dollar moved up against its major counterparts in the Asian session on Wednesday, as U.S. treasury yields rose on concerns over higher inflation and the Federal Reserve's tightening cycle.

Hawkish comments from Fed Governor Christopher Waller earlier this week caused investors to trim expectations for a pause in the rate hike cycle after two 50 basis point hikes each this month and next.

U.S. treasury yields rose, with the benchmark 10-year yield touching 2.87 percent.

The U.S. jobs data is due on Friday, with economists expecting a gain of 325,000 jobs in May following an increase of 428,000 jobs in the previous month. The unemployment rate is expected to fall to 3.5 percent from 3.6 percent.

Asian markets were mixed, following the broadly negative cues overnight from Wall Street, as traders remain cautious about high inflation and Fed policy tightening that risk a recession.

The greenback edged up to 0.9619 against the franc and 1.2575 against the pound, from its prior lows of 0.9583 and 1.2617, respectively. The greenback is likely to find resistance around 0.98 against the franc and 1.22 against the pound.

The greenback gained to 1.0705 against the euro, from a low of 1.0738 set at 7:45 pm ET. If the greenback continues its rise, 1.05 is possibly seen as its next resistance level.

The greenback touched a 2-week high of 129.29 against the yen and a 5-day high of 0.6478 against the kiwi, following its previous lows of 128.60 and 0.6531, respectively. The greenback is seen finding resistance around 131.00 against the yen and 0.62 against the kiwi.

The greenback rose to 1.2673 against the loonie and 0.7158 against the aussie, after dropping to 1.2636 and 0.7195, respectively earlier in the session. The next possible resistance for the greenback is seen around 1.28 against the loonie and 0.68 against the aussie.

Looking ahead, PMI reports from major European economies are due in the European session.

At 10 am ET, the Bank of Canada will announce its interest rate decision. The BoC is widely expected to raise interest rate to 1.5 percent from 1 percent.

U.S. ISM manufacturing PMI for May and construction spending for April are set for release in the New York session.

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