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Dollar is close to 14-month high

Tuesday, July 5, 2005 | 9:17 a.m.

The dollar traded close to a 14-month high against the euro in Asia on expectations reports this week will show U.S. economic growth is outpacing that of Europe, heightening the appeal of U.S. assets.

The extra yield the two-year U.S. Treasury note offers compared with like-maturity German bonds is near a five-year high. The U.S. currency is up 14 percent versus the euro in 2005 as the Federal Reserve raised interest rates nine straight times since June 2004. The European Central Bank is expected to leave rates unchanged at a meeting on Thursday.

Against the euro, the dollar traded at $1.1915 at 10:46 a.m. in Tokyo, from $1.1903 Sunday in Toronto, according to currency-dealing system EBS. It also was at 111.53 yen, from 111.61 yen. The dollar on Sunday traded as high as $1.1889 per euro, the strongest since May 17, 2004, and may rise to $1.16 within a month, Lu said.

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