Forex market hours readily available to you will be dependent entirely on your location. If you want to find out the actual times that the markets open and close, you need to take time zones into account. It is easy to understand when expressed in UTC. That is Universal Coordinated Time, originally referred to as Greenwich Mean Time. This is the normal (winter) time in Greenwich, UK which is the point of zero longitude on the globe.
So, the normal forex market hours are 22.00 Sunday UTC to 22.00 Friday UTC. It is 10 pm in the UK in winter season.
But nevertheless it is not a 24/7 market due to the fact it does close down on weekends. 24/5 would probably be more accurate.
New York City is five hours behind the UK so the global foreign currency market opens and closes at 5 pm Sunday/Friday in NY, 2 pm on the US western coast, 11 pm in Germany, 8 am Monday/Saturday in Sydney.
Times soon get a more complex when you begin to attempt to take summer time daylight saving into account. This makes one hour variance in regions that observe it. And yet daylight saving functions in a different manner in the southern hemisphere which have summer time from September until March instead of March to September.
The hours of the various principal global Forex markets are :
Sydney: 10 pm till 7 am UTC
Tokyo: 12 midnight until 9 am UTC
London: 8 am until 5 pm UTC
New York: 1 pm to 10 pm UTC
Or we are able to express that in (Eastern Standard time):
Sydney: 5 pm until 2 am EST
Tokyo: 7 pm until 4 am EST
London: 3 am until 12 noon EST
New York: 8 am until 5 pm EST
You will notice that these correspond to 24 hour cover.
However, that may not automatically mean that trading is going to be good at all of those times. Soon after a principal market opens, the prices might be very volatile and irregular. Many traders will avoid the exchange market for at least an hour four times a day when the trading markets are waking up in those major cities.
The US Dollar is the most traded currency by a long way, involved in 2.5 times as many trades as its nearest rival the euro. Which means that the situation in the United States have a bigger impact on the trading markets than affairs in other nations. The New York market seems to slow down around 3 pm local time (8 pm UTC) and if you are involved in a US dollar pair, this might possibly be a great time to finish trading for the day.
So in theory you can trade 24 hours on a daily basis from Sunday night till Friday night. Autopilot software in the form of a forex robot can also make this physically possible. In spite of this, a risk-averse trader will pick his times and will not likely be trading throughout all of the forex market hours.
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