The U.S. dollar strengthened across the board in the European session on Friday, as U.S. Treasury yields spiked up after Fed Chair Jerome Powell's comments failed to calm worries about higher borrowing costs.

In an online event on Thursday, Powell reiterated a commitment to maintain ultra-easy monetary policy until the economy is too far from recovery.

The Fed Chief said that the recent sell-off in Treasuries was not "disorderly" or likely to drive long-term rates far higher.

There will be "some upward pressure on prices" due to improving economic conditions, Powell said. But he acknowledged that the rise would be temporary and would not be sufficient for the central bank to change ultra-loose policies aimed to support the economy.

The U.S. jobs report is due at 8:30 am ET.

Investors expect an increase of 182,000 jobs, up from 49,000 jobs in January. The unemployment rate is expected to hold at 6.3 percent.

The dollar has been trading higher in the Asian session, amid the rise in bond yields.

The greenback advanced to 108.52 against the yen, its highest level since June 2020. The pair had closed Thursday's deals at 107.97. The greenback is seen finding resistance around the 110.00 area. The greenback spiked up to a 7-1/2-month high of 0.9311 against the franc, compared to Thursday's closing value of 0.9286. Next key resistance for the greenback is seen around the 0.90 region.

The greenback firmed to more than a 3-month high of 1.1914 against the euro and a 3-week high of 1.3800 against the pound, up from Thursday's closing quotes of 1.1964 and 1.3893, respectively. On the upside, 1.16 and 1.36 are possibly seen as the next resistance levels for the greenback against the euro and the pound, respectively.

The greenback climbed to more than a 3-week high of 0.7659 against the aussie and a 4-day high of 1.2719 against the loonie, compared to yesterday's close of 0.7721 and 1.2666, respectively. If the greenback rises further, 0.75 and 1.29 are possibly seen as its next resistance levels against the aussie and the loonie, respectively.

The U.S. currency jumped to 0.7124 against the kiwi for the first time since January 28. At Thursday's close, the pair was valued at 0.7188. The next likely resistance for the currency is seen around the 0.70 level.

Looking ahead, U.S. jobs data and and Canada Ivey PMI for February, as well as U.S. and Canadian trade data and U.S. consumer credit, all for January, are due in the New York session.

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