Dollar climbs with European stocks as treasuries decline

The U.S. currency appreciated 0.7 percent to 117.67 yen at 8:34 a.m. in New York. The pound gained 0.2 percent to $1.5666 after Bank of England minutes showed some policy makers raised concern that inflation may accelerate. The 10-year Treasury yield increased four basis points to 2.36 percent. The Stoxx Europe 600 Index added 0.2 percent and Standard & Poor's 500 Index futures (SPX) slipped 0.1 percent after the gauge closed at a record. Russia sold less than 10 percent of bonds offered at its first auction in six weeks. Iron ore tumbled to the lowest level in more than five years. While the Fed maintained a pledge to keep interest rates low for a "considerable time, policy makers cited an improving job market at their October meeting. Officials have said they expect to raise U.S. borrowing costs next year. Housing starts fell 2.8 percent in October, while residential-construction permits climbed to a six-year high, the Commerce Department reported today, Bloomberg reports. ‘‘Expectations are for the Fed to reiterate its hawkish change in stance,'' Michael Sneyd, a currency strategist at BNP Paribas SA in London. ‘‘We have bullish expectations for the dollar and we think the Fed minutes will support that view.'' European bonds fell after European Central Bank policy maker Klaas Knot said he was skeptical about the benefits of quantitative easing. Details also at