Global tensions force euro higher

It touched $1.025 in trading on Friday (December 13), from $1.008 earlier in the week, in seasonally illiquid markets. The increase in risk aversion was also seen in precious metals markets, where spot gold prices surged by more than 10 cents per ounce.

There were a number of factors behind the euro’s rise -- which took it through several key resistance and technical levels -- but optimism on the eurozone was not one of them, analysts said. "If anything there has been more gloom on Europe

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