The U.S. dollar was higher in the European session on Friday, as expectations of steep interest rate hikes by the U.S. Federal Reserve lifted treasury yields.

The yield on the 10-year U.S. treasury note rose to 4.278 percent. Yields move inversely to bond prices.

Remarks from Philadelphia Federal Reserve President Patrick Harker raised concerns about the rate-hike path and the possibility of a recession.

"Given our frankly disappointing lack of progress on curtailing inflation, I expect we will be well above 4 percent by the end of the year," Harker said on Thursday.

European stocks tumbled amid worries about persistent inflation and the prospect of more interest rate hikes in the coming months.

The greenback was up against the pound, at an 8-day high of 1.1108. On the upside, 1.10 is possibly seen as its next resistance level.

The greenback touched 4-day highs of 0.9732 against the euro and 1.3830 against the loonie, up from its prior lows of 0.9802 and 1.3762, respectively. The currency is seen finding resistance around 0.94 against the euro and 1.40 against the loonie.

The greenback edged up to 0.5634 against the kiwi and 0.6242 against the aussie, rebounding from its early lows of 0.5681 and 0.6283, respectively. The greenback is likely to find resistance around 0.55 against the kiwi and 0.60 against the aussie.

The greenback jumped to 151.28 against the yen, a level not seen since August 1990. It is likely to face resistance around the 155.00 region, if it gains again.

The greenback firmed to 1.0125 against the franc for the first time since May 2019. Next immediate resistance for the dollar is seen near the 1.04 level.

Looking ahead, Canada retail sales for August, as well as new housing price index and wholesale sales and U.S. monthly budget statement, all for September, will be featured in the New York session.

At 10:00 am ET, Eurozone flash consumer sentiment index for October will be out.

US Dollar vs CHF (FX:USDCHF)
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US Dollar vs CHF (FX:USDCHF)
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