The Forex market hours represent the amount of time from when the Forex market opens until it closes during which traders and investors can make transactions in it. The Forex market is available for everyone 24 hours a day, five days a week, apart from weekends. It is also a decentralized system and four local sessions drive it, mainly the Sydney, London, Tokyo, and new York ones.
Usually, the biggest trading volume happens when the New York and London sessions overlap. The standard spot foreign exchange rate is set at 4 p.m. London time. This one is used for pricing and daily valuation for pension funds and money managers. Here are more details about the Forex market hours.
About the Forex market hours
The Forex market opens at 8 a.m. (local time) in Wellington, New Zeeland, on Mondays. This means 2 p.m. in New York, on Sundays. The Forex market closes at 5 p.m. (local time) in New York, which means 11 a.m. in New Zeeland, on Saturday.
It’s worth noting that there is not one single market exchange that governs the international currency market. Instead, there are many brokers and exchanges all over the world and the Forex market hours also depend on when trading is open in each country. These are the generally accepted time zones for each region for when the time zones overlap:
- New York: 8 a.m. to 5 p.m. (EST)
- Tokyo: 7 p.m. to 4 a.m. (EST)
- Sydney: 3 p.m. to 12 a.m. (EST)
- London: 3 a.m. to 11 a.m. EST
Special conditions for the Forex market hours
Even if the Forex market is open 24/5, there are some currencies in certain markets that cannot be traded 24 hours a day. At the moment, some of the most notable emerging market economies are Russia, India, Mexico, Saudi Arabia, Pakistan, Brazil, and China.
However, the seven most popular currencies on the planet are U.S. Dollar, Euro, Japanese Yen, British Pound, Australian Dollar, Canadian Dollar, and Swiss Franc. These can all be traded at all times while the market is open.
A vital transfer platform
Even with its extremely decentralized structure, the forex market continues to be a vital transfer platform for all players and a global access channel for those who want to speculate from all parts of the planet.
Whenever the trading levels are increasing, forex brokers can offer tighter spreads (bid and ask rates that are more similar), lowering transaction fees for traders. Similarly, institutional traders prefer periods of greater trading size, but they can also consider broader spreads in exchange for the possibility to sell as soon as possible in response to new knowledge they gain.
All in all, the Forex market is a well-structured platform that offers all traders from all over the world the possibility to trade. Speaking of trading, it’s time we recommended you a trustworthy and efficient online exchange that can certainly help you understand the Forex market better while making money.
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