The dollar traded near a 12-year high against the euro as signs of cooling in China’s economy highlighted the diverging fortunes of the world’s two biggest economies.

The greenback maintained its strength before a report Tuesday forecast to show U.S. retail sales increased by the most in a year, bolstering the case for the Federal Reserve to raise interest rates in 2015. Australia’s dollar led commodity currencies lower on Monday as a slump in trade growth amplified concern China will report later this week its slowest economic output since the global recession.

The U.S. currency was little changed at $1.0572 per euro as of 8:05 a.m. in Tokyo, after gaining 0.4 percent Monday. It reached $1.0458 on March 16, the strongest level since January 2003. The greenback traded at 120.08 yen from 120.13.

Source: Bloomberg