The dollar rose in recent trading session, after new economic data once again supported the view that the US Federal Reserve (Fed) will maintain higher interest rates for longer.
In addition, the US Congress issued a temporary budget law last weekend to prevent the risk of a Government shutdown. This act helps allocate funds to ensure the federal government can maintain operations until November 17. According to the US Constitution, Congress is responsible for allocating budget for the operations of 438 government agencies in each fiscal year (ending on September 30 of each year). If lawmakers do not pass a budget bill before the new financial year begins, government agencies will not be able to continue operating normally.
Treasury yields rose, with the benchmark 10-year yield hitting 4.703%.
In addition, the US Congress issued a temporary budget law last weekend to prevent the risk of a Government shutdown. This act helps allocate funds to ensure the federal government can maintain operations until November 17. According to the US Constitution, Congress is responsible for allocating budget for the operations of 438 government agencies in each fiscal year (ending on September 30 of each year). If lawmakers do not pass a budget bill before the new financial year begins, government agencies will not be able to continue operating normally.
Treasury yields rose, with the benchmark 10-year yield hitting 4.703%.
