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Euro climbs to highest level against dollar in two years

The euro soared against the US dollar on Friday, crossing the psychological barrier of 1.35 dollars for the first time in two years.

The common European currency changed hands at 1.3527 before easing to 1.3511 in early trading in Frankfurt, well above the European Central Bank's median rate of 1.3467 on Thursday. Dealers said Thursday's indication by ECB chief Jean-Claude Trichet that the bank might hike interest rates in June had benefited the euro. Fears about growth conditions in the United States coupled with the prospect of an increase in the cost of money meant that capital would continue to flow into the eurozone, they said. The last time the euro rose above the 1.35 dollars mark was in January 2005. (