Minutes from the July FOMC revealed that two participants wanted to see an immediate move. Others said an increase would "soon be warranted". Several others participants said the FOMC would have "ample time" to react to a rise in inflation if needed and preferred to wait until they were more confident that price growth was heading sustainably to the Fed's 2 per cent target. The dollar climbed as high as ¥101.15, although it subsequently gave back all of that rise to stand barely changed at ¥100.26. The euro was down versus the dollar at $1.1265, leaving the dollar index higher at 94.91. Sterling was down against the dollar at $1.3005, having hit $1.3070. The 10-year Treasury yield was flat at 1.57 per cent, the 10-year German Bund yield slipped 2 basis points to minus 0.5 per cent and the 10-year gilt yield was down 2bp at 0.57 per cent. Portugal's 10-year yield jumped 11bp to 2.94 per cent. Brent was up at $49.42 a barrel, while US WTI was lower at $46.37. Gold recouped an early fall to trade flat at $1,345 an ounce.
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