Euro wraps up its best year

The market is infatuated with the euro which rose to $1.2450. Richard Blackden reports.

THANOS Papasavvas was an economist in the British government between 1992 and 1994 as then prime minister John Major decided to keep Britain out of the euro.

Now, Papasavvas is among investors responsible for helping the 12-nation currency surge to a record $1.2450 by selling dollars and buying euros in his job managing currency risk for Credit Suisse Asset Management in London, which oversees $310bn of assets.