Forex Trading Live Update, Friday 29th June

by Joe Oliver, Forex Trading-Pips

Euro and other risk currencies appreciated sharply on Friday after European leaders agreed to new terms for Spain’s debt package and other measures aimed at curbing the worst of the eurozone debt crisis. Leading the rise in risk currencies was Australian dollar which appreciated 1.4% to 1.0201.

AUD 5 minute bars

AUD 5 minute bars

Earlier today FT.com reported that China will create a special zone to experiment with currency convertibility in Shenzhen, allowing Hong Kong banks to lend renminbi directly to companies in Qianhai Bay. Banks in Hong Kong are currently allowed to lend to Chinese clients in Hong Kong, though not in China. Shenzhen was designated the country’s first special economic zone in the 1980’s when Deng Xiaoping’s reforms opened China up to the world.