Forex markets operate 24 hours a day, five days a week, across four major trading sessions that overlap in different time zones

The foreign exchange market never closes on a single clock. Instead, it moves continuously from one region to the next as business hours begin and end around the world. The four main sessions are Tokyo, London, New York, and Sydney, each with its own peak trading hours and liquidity patterns. Understanding when these sessions open and close matters because it affects how much volume trades at any given time, how wide the bid-ask spread is, and how quickly your orders might fill.

Trading begins each week in Sydney on Sunday evening (US time) and continues until Friday afternoon in New York. The market closes completely on weekends — there is no forex trading Saturday or Sunday in any major market. This five-day cycle repeats every week, with the same sessions opening and closing at the same times relative to each other, though the actual clock times shift twice a year when daylight saving time begins and ends.

Key Takeaways

  • The forex market opens Sunday evening in Sydney and closes Friday afternoon in New York, with no weekend trading in any major session.
  • Tokyo opens first each week (Sunday 5 p.m. ET), followed by London (3 a.m. ET), New York (8 a.m. ET), and Sydney (5 p.m. ET the previous day).
  • Overlaps between sessions — particularly London-New York — see the highest trading volume and tightest spreads.
  • Your broker's hours may differ from the official session times because they add their own opening and closing times on top of the market itself.

The Four Major Trading Sessions and Their Times

The Tokyo session (also called the Asian session) opens at 7 p.m. ET on Sunday and runs until 4 a.m. ET Monday. This is the first major session of the trading week. Tokyo is the largest financial center in Asia and handles a significant portion of yen trading, but volume is generally lower than London or New York.

The London session opens at 3 a.m. ET and closes at noon ET. London is the world's largest forex trading hub by volume. The pound, euro, and many other major pairs see their heaviest trading during these hours. The overlap between London and Tokyo (3 a.m. to 4 a.m. ET) is brief but can see sharp price moves.

The New York session runs from 8 a.m. ET to 5 p.m. ET. This is the second-largest trading center and handles the bulk of US dollar trading. The overlap between London and New York (8 a.m. to noon ET) is when the market sees its highest volume and tightest spreads — this is the most liquid time to trade most pairs.

The Sydney session opens at 5 p.m. ET (the previous day) and closes at 2 a.m. ET. Sydney is the smallest of the four major sessions by volume. It handles Australian dollar trading and some cross-pairs, but spreads are typically wider and volume lower than the other three sessions.

How Daylight Saving Time Changes Market Hours

The forex market's clock times shift twice a year when the United States, Europe, and Australia change to and from daylight saving time. These changes do not all happen on the same date. The US typically changes in mid-March and early November. Europe changes on different dates. Australia's states change on different dates from each other. This creates periods of a few weeks where the time difference between sessions is not what it was the week before.

The easiest way to track this is to use your broker's platform, which should display session times in your local time zone and update automatically. If you trade across multiple sessions, write down the session times in your own time zone and check them again after any daylight saving change. A session that opened at 8 a.m. your time may open at 7 a.m. after the clocks change.

Why Session Overlap Matters for Trading

When two sessions overlap, more traders are active at the same time, which means more orders are being placed and more volume is flowing through the market. Higher volume typically means tighter spreads — the difference between the bid price (what buyers offer) and the ask price (what sellers ask) shrinks. A tighter spread means lower cost to enter and exit a trade.

The London-New York overlap (8 a.m. to noon ET) is the most liquid time of the day for most major pairs. If you trade EUR/USD, GBP/USD, or other major pairs, this window usually offers the best execution prices. The Tokyo-London overlap (3 a.m. to 4 a.m. ET) is much shorter and sees lower volume, so spreads are wider and price moves can be more erratic.

Outside of overlaps, during the middle of the New York session or the middle of the Tokyo session, volume drops and spreads widen. Some traders avoid these quieter periods because slippage — the difference between the price you expected and the price you actually got — increases.

What Your Broker's Hours Mean

Your broker may not offer trading during the entire 24-hour cycle. Some brokers close their platforms during the Sydney session or during the overnight hours between New York's close and Tokyo's open. Others stay open the full five days but may widen spreads during low-volume periods or restrict certain order types (like stop-losses) during off-peak hours.

Check your broker's trading hours in your account settings or contact them directly. The hours they display are when they allow trading, not necessarily when the market itself is open. A broker might close at 5 p.m. ET even though the New York session technically continues until 5 p.m. ET, or they might open at 4 p.m. ET on Sunday even though Tokyo does not open until 7 p.m. ET.

How to Find the Current Session Times in Your Time Zone

Most trading platforms display the current session and the time until the next session opens. If yours does not, you can calculate it yourself by knowing the four session start times in ET and converting them to your time zone. A simple way is to use a world clock website, enter the four major cities (Tokyo, London, New York, Sydney), and note the times. Then add or subtract hours based on your own time zone offset.

Many traders keep a small chart or note on their desk showing the four session times in their local time. This takes five minutes to set up and saves confusion every time you sit down to trade. Update it twice a year after daylight saving changes.

Frequently Asked Questions

Can I trade forex on weekends?

No. The forex market closes completely after the New York session ends on Friday afternoon and does not reopen until Sunday evening when Sydney begins. Some brokers offer "weekend forex" trading on synthetic or simulated pairs, but these are not the real forex market.

What time is best for a beginner to trade?

The London-New York overlap (8 a.m. to noon ET) is generally best because spreads are tightest and volume is highest, which means your orders fill closer to the price you see on screen. Avoid the Sydney session and the overnight hours if you are new, because wider spreads and lower volume make it harder to predict execution prices.

Does my broker's closing time mean the market is closed?

No. Your broker's closing time only means they have stopped accepting new trades on their platform. The forex market itself may still be open in another session. If your broker closes at 5 p.m. ET, the market is still trading in Sydney. You simply cannot place orders through that broker until they reopen.

Why do spreads get wider during some sessions?

Spreads widen when volume is lower because there are fewer buyers and sellers competing, so the difference between bid and ask prices increases. The Sydney session and the hours between New York's close and Tokyo's open see the lowest volume, so spreads are typically widest then.

If I place an order before the market opens, when does it execute?

That depends on your broker's rules. Some brokers hold pending orders and execute them when the market opens at the price you specified (or the next available price if the market gaps). Others cancel pending orders at the close of each session. Check your broker's documentation or ask their support team about how they handle orders placed outside market hours.