Forex Market Trading Hours: Can You Exchange Money 24 Hours/7 Days?
Forex market hours accessible to you will depend completely on your location. If you want to discover the actual times that the markets open and close, you need to take the time zones into account. It is a breeze when expressed in UTC. This is Universal Coordinated Time, at one time referred to as Greenwich Mean Time. This is the normal (winter) time in Greenwich, UK which is the position of zero longitude on the globe.
So, the traditional forex market hours are 22.00 Sunday UTC to 22.00 Friday UTC. Which is 10 pm in the UK in mid-winter.
But it is not a 24 hours/7 days a week market just because it does shut on weekends. 24/5 would certainly be more precise.
New York City is five hours behind the UK so the global foreign exchange 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, Australia.
Times soon get a little confusing when you begin to attempt to take summer time daylight saving into account. This makes at least an hour adjustment in locations that observe it. Nevertheless daylight saving will work in a different manner in the southern hemisphere countries like Australia which have summer time from September until March instead of March until September.
The particular hours of the various most important national currency markets are :
Sydney: 10 pm until 7 am UTC
Tokyo: 12 midnight until 9 am UTC
London: 8 am until 5 pm UTC
New York: 1 pm until 10 pm UTC
Or it is easy to express that in (Eastern Standard time):
Sydney: 5 pm to 2 am EST
Tokyo: 7 pm till 4 am EST
London: 3 am until 12 noon EST
New York: 8 am till 5 pm EST
You will notice that these correspond to 24 hour cover.
Having said that, that will not necessarily mean that trading will likely be good at all of those times. Right after a principal market opens, the prices might be very volatile and irregular. Many market traders will keep away from the trading market for around an hour 4 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 competitor the euro. This simply means that issues in the USA have a greater effect on the trading markets than issues 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 pair, this could in fact be a great time to quit trading for the session.
So in theory you can trade 24 hours day by day from Sunday night till Friday night. Autopilot software in the form of a forex robot can actually make this physically workable. Having said that, a meticulous trader will choose his times and probably will not be trading throughout all of the forex market hours.
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