Dollar hits 2-month high vs. euro as traders brace for summer rate raise

The dollar rose Tuesday to its highest level against the euro in nearly two months as hopes that U.S. interest rates could rise as soon as this summer overpowered a batch of strong economic data out of Germany.

The euro EURUSD, +0.1167%  traded as low as $1.1139 late Tuesday in New York—its weakest level since March 28—edging lower against the greenback after official U.S. data showed sales of new homes came roaring back in April. By comparison, the shared currency bought $1.1215 late Monday.

The greenback also traded higher against the yen USDJPY, -0.02% buying ¥109.98 late Tuesday in New York, compared with ¥109.24 late Monday.

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