US dollar and Treasuries were pressured, driven by the July FOMC minutes and political drama in the White House. After initially jumping to a two-day high after the release of the minutes, the DXY index reversed the gains and the day -0.33% lower. Treasury prices strengthened, sending 2-year yields -3 points lower to 1.33% and 10-year yields -5 points to 2.23%. In the commodity sector, crude oil prices continued to fall, despite huge decline in inventory and weakness in US dollar. The increase in US production was weighing on prices.
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US Dollar Fell as Inflation Likely Stays Low for Longer. Unpopular Trump Might Further Delay Fiscal Stimulus