Forex market hours


The forex market can be broken up into four major trading sessions: the Sydney session, the Tokyo session, the London session, the New York session.
Historically, the forex market has three peak trading sessions.
Traders often focus on one of the three trading periods, rather than attempt to trade the markets 24 hours per day.
This is known as the “forex 3-session system“.
These sessions consist of the Asian, European, and North American sessions, which are also called Tokyo, London, and New York sessions.
Some traders prefer to differentiate sessions by names of the continent, other traders prefer to use the names of the cities.
(We prefer using city names but continents are cool also.) 

The International Dateline is where, by tradition, the new calendar day starts.
Actual open and close times are based on local business hours, with most business hours starting somewhere between 7-9 AM local time. 
Open and close times will also vary during the months of October/November and March/April as some countries (like the United States, United Kingdom, and Australia) shift to/from daylight savings time (DST).

Below are tables of the open and close times for each session:
LOCAL TIMEESTUTC
Sydney Open - 7:00 AM
Sydney Close - 4:00 PM
4:00 PM
1:00 AM
9:00 PM
6:00 AM
Tokyo Open - 9:00 AM
Tokyo Close - 6:00 PM
7:00 PM
4:00 AM
12:00 PM
9:00 AM
London Open - 8:00 AM
London Close - 5:00 PM
2:00 AM
11:00 AM
7:00 PM
4:00 AM
New York Open - 8:00 AM
New York Close - 5:00 PM
8:00 AM
5:00 PM
1:00 PM
10:00 AM
Trading Session Overlaps Also take notice that in between each forex trading session, there is a period of time where two sessions are open at the same time. For example, during the summer, from 3:00-4:00 AM ET, the Tokyo session and London session overlapAnd during both summer and winter from 8:00 AM-12:00 PM ET, the London session and the New York session overlap.Naturally, these are the busiest times during the trading day because there is more volume when two markets are open at the same time. This makes sense because, during those times, all the market participants are wheelin’ and dealin’, which means that more money is transferring hands.

  • Tokyo – London Overlap

  • Liquidity during this session is pretty thin for a few reasons. Typically, there isn’t as much movement during the Asian session so, once the afternoon hits, it’s pretty much a snooze fest.

  • London – New York Overlap

  • According to the latest data from FXLIQUIDITY, an analytics service for the FX market, liquidity is at an optimum level around 10 am and 3 pm London time (10 am NY time).
    This is when the real shebang begins! You can literally hear traders crack their knuckles during this time because they know they have their work cut out for them. This is the busiest time of day, as traders from the two largest financial centers (London and New York) begin duking it out. It is during this period where we can see some big moves, especially when news reports from the U.S. and Canada are released.
    The markets can also be hit by “late” news coming out of Europe. If any trends were established during the European session, we could see the trend continue, as U.S. traders decide to jump in and establish their positions after reading up what happened earlier in the day.
    Lastly, it’s important to know that it is during this period where the WM/Refinitiv Spot Benchmark Rate is determined. The rate is set at 4 pm London time, and also known as the “London fix“. A currency “fixing” is a set time each day when the prices of currencies for commercial transactions are set, or fixed. Since currency prices fluctuate from second to second, a daily “reference point” is needed.
    Banks and other financial institutions use this daily rate to set their currency exchange rates, which in turn determine the prices used in corporate foreign exchange transactions. From a trading standpoint, this daily fix may see a flurry of trading in the market prior (generally 15 to 30 minutes) to the fixing time that abruptly disappears exactly at the fixing time. Lastly, some European traders may be closing their positions as their day ends, which could lead to some choppy moves right before lunchtime in the U.S.
    01:00
    12:00
    11:00
    10:00
    9:00
    8:00
    7:00
    6:00
    5:00
    4:00
    3:00
    2:00
    01:00
    12:00
    11:00
    10:00
    9:00
    8:00
    7:00
    6:00
    5:00
    4:00
    3:00
    2:00
    New York
    London
    Tokyo
    Frankfurt
    Sydney

    You can ask any question you have