The USD rebounded on the world market

The US Congress enacted 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 every 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.

The USD remained anchored at a 10-month high, while US government bond yields left a 16-year high.