National Bank Financial - "The US dollar just had its best month since May 2012. While last May concerns about the European sovereign debt crisis lifted the greenback, this time it was politics that prompted flows towards the world’s reserve currency. Congress failed to avert the automatic spending cuts, something which raised doubts about the US economic outlook this year. European politics also curbed investor enthusiasm with Italian elections yielding no clear winner and setting the stage for enhanced political instability, a clear negative for the euro. The greenback has room to run further given that European woes are far from over, and that other major central banks such as the Bank of Japan and the Bank of England remain in printing mode."