US$ hits 2-year high against euro ahead of data reports

London

THE dollar appreciated to the strongest level in two years versus the euro before reports this week which economists said will show US consumer confidence and retail sales improved.

A gauge of the dollar headed for its highest close in more than five years after Chinese imports unexpectedly fell in November, boosting demand for the US currency where growth is beating forecasts. The New Zealand and Australian dollars slid to the weakest levels in at least two years.

The dollar gained 0.3 per cent to US$1.2248 per euro at 10.56 am London time, the strongest since August 2012, after gaining 1.4 per cent last week. The US currency fell 0.2 per cent to 121.19 yen. The yen strengthened 0.5 pe…