The U.S. dollar was higher against its most major counterparts in the New York session on Thursday, as treasury yields soared amid concerns about the fiscal impact of President Donald Trump's tax bill.

The yield on the 30-year Treasury bond reached as high as 5.1%, its highest level since 2023.

Analysts warn that Trump's tax bill could add trillions to the federal government's already massive $36.2 trillion debt pile. The plan has sparked fears of an even wider deficit, especially as interest payments continue to soar.

In a post on Truth Social, Trump called the bill "arguably the most significant piece of Legislation that will ever be signed in the History of our Country" and urged the Senate to send the bill to his desk as soon as possible.

On the economic front, a report released by the Labor Department unexpectedly showed a slight decline by first-time claims for U.S. unemployment benefits in the week ended May 17th.

The Labor Department said initial jobless claims edged down to 227,000, a decrease of 2,000 from the previous week's unrevised level of 229,000. The dip surprised economists, who had expected jobless claims to inch up to 230,000.

The greenback climbed to 2-day highs of 1.1257 against the euro and 0.8306 against the franc. The currency is seen finding resistance around 1.10 against the euro and 0.89 against the franc.

The greenback rebounded to 144.30 against the yen, from an early fresh 2-week low of 142.79. If the currency rises further, it is likely to test resistance around the 149.00 level.

The greenback advanced to a 2-day high of 0.6407 against the aussie. The currency may find resistance around the 0.63 level.

The greenback remained higher against the kiwi and was trading at 0.5899. In the previous session, the greenback strengthened to a 2-day high of 0.5894 against the kiwi. The currency is poised to find resistance around the 0.57 level.

In contrast, the greenback retreated against the loonie and was trading at 1.3869. If the currency falls further, it is likely to test support around the 1.36 region.

The greenback eased against the pound and was trading at 1.3408. The next possible support for the currency is seen around the 1.36 level.

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