The U.S. dollar was poised for big weekly gains on Friday, towering near one-year highs as a hawkish turn from the Federal Reserve chief sent short-term Treasury yields higher, leaving Wall Street and European futures in the red.

The U.S. dollar was poised for a big weekly gain on Friday, towering near one-year highs as a hawkish turn from the Federal Reserve chief sent short-term Treasury yields higher, leaving Wall Street and European stock market futures in the red.

The U.S. dollar extended its broad rally early on Friday, towering at one-year highs as a hawkish turn from the Federal Reserve chief sent short-term Treasury yields higher, leaving Wall Street futures in the red and most Asia markets struggling.

Treasury yields are up after Federal Reserve Chair Jerome Powell said that economic data suggests that the Fed doesn’t need to be in a rush to cut interest rates. The selloff in Treasurys was most pronounced in short-term notes,

Traders are taking stock in the $28 trillion Treasury market after days of frenetic price action, nudging long-term yields down from their highest since July as they assess the latest economic data and the impact of a Republican sweep in the US election.