The dollar briefly rose to a new seven-month high against the euro, but pulled back somewhat after the prospect of rate hike wasn’t as ironclad as traders hoped.

Minutes from an October meeting of Federal Reserve policy makers suggested the central bank will likely raise interest rates in December.

But the buck quickly trimmed its gains as investors realized that the minutes included more disagreement about the timing than investors had expected.

The euro EURUSD, -0.03% sunk to $1.0617 immediately after the report was released, but soon rebounded to trade around $1.0648, where it was trading before the report’s release.

The dollar USDJPY, +0.00% strengthened to ¥123.76 after the minutes, its highest level against the yen since late August. Though it too soon fell back to where it was trading before the report.

The euro traded at $1.0645 and the dollar traded at ¥123.41 late Tuesday in New York.

Meanwhile, the ICE U.S. Dollar Index DXY, +0.37% , a measure of the dollar’s strength against a basket of six rival currencies, was at 99.71, up 0.1% on the day.

Analysts said that the first few headlines seemed to confirm that policy makers were nearing a consensus about hiking interest rates in December. But then the details of the report showed a few members of the Fed’s rate-setting committee were still unsure about the economy’s ability to process a rate hike.

“To me, it confirms the December liftoff — but you’re going to [interpret] what you want,” said Win Thin, global head of emerging market currency strategy at Brown Brothers Harriman.

Investors bid the dollar higher earlier in the session after hawkish comments from five regional Fed presidents.

Three — New York Fed President William Dudley, Cleveland Fed President Loretta Mester and Atlanta Fed President Dennis Lockhart — at a panel at the Clearing House annual conference in New York early Wednesday, while Richmond Fed President Jeffrey Lacker was interviewed on CNBC.

Late in the day, Rob Kaplan, president of the Dallas Fed, delivered his first speech since joining the central bank in September. Kaplan said he sees reasons for moving away from ultraloose monetary policy.

Read:Three Fed officials back an interest-rate hike soon

Also read: One crucial sign currency traders will be looking for in Fed minutes