Risk-off market flows are thrusting the USD higher. has climbed to a fresh eleven-month high above 107.00 on Monday, and the DXY is up nearly 7.5% from July's bottom just south of 99.70.Climbing US Treasury yields on a hawkish Federal Reserve rate outlook and US market jitters over political budget brinkmanship are rattling broad-market investor sentiment and sending risk-off flows piling into the USD.
Republican Speaker of the House Kevin McCarthy faces a challenge to his position as head of the GOP on Capitol Hill, and investors are getting rattled by the ongoing political dramatization of operating the world's largest and most powerful economy.US Purchasing Manager Index figures on Monday provided additional support on Monday for the USD, with the US Manufacturing PMI jumping to 49.0 against the previous reading of 47.6.