The forex market opens and closes on a rolling schedule across four major trading sessions

The forex market does not have a single opening bell. Instead, it operates continuously across four regional sessions: Tokyo, London, New York, and Sydney. Each session opens and closes at a fixed time in its local timezone, but because the world has 24 time zones, one session is always closing as another opens. This creates an unbroken 24-hour trading cycle from Sunday evening through Friday evening in most parts of the world.

The times listed below are in Coordinated Universal Time (UTC), also called GMT. Your local opening and closing times depend on your timezone offset from UTC. If you trade from the US Eastern timezone, subtract 5 hours during standard time or 4 hours during daylight saving time. If you trade from US Pacific time, subtract 8 hours or 7 hours respectively.

Key Takeaways

  • The Tokyo session opens at 21:00 UTC Sunday and closes at 06:00 UTC Monday; the London session opens at 08:00 UTC and closes at 17:00 UTC; the New York session opens at 13:00 UTC and closes at 22:00 UTC; the Sydney session opens at 22:00 UTC and closes at 07:00 UTC the next day.
  • The market closes entirely from 22:00 UTC Friday through 21:00 UTC Sunday, so no major forex trading occurs over the weekend.
  • The highest trading volume and price movement typically occur during the London and New York overlap, from 13:00 to 17:00 UTC.
  • Currency pairs involving the Japanese yen tend to move most during the Tokyo session; pairs involving the British pound or euro move most during London; pairs involving the US dollar move most during New York.

The Four Trading Sessions and Their Hours in UTC

Tokyo (Asia-Pacific) runs from 21:00 UTC Sunday through 06:00 UTC Monday. This is the first session of the trading week. It includes trading activity from Japan, Singapore, Hong Kong, and Australia. The session is also called the Asian session.

London (Europe) runs from 08:00 UTC through 17:00 UTC, Monday through Friday. This is the largest session by trading volume. It overlaps with the end of Tokyo and the beginning of New York, which is why the London hours see the most price movement in most currency pairs.

New York (North America) runs from 13:00 UTC through 22:00 UTC, Monday through Friday. It overlaps with London from 13:00 to 17:00 UTC. The New York session closes the trading day in the Western Hemisphere and is the last major session before the weekend.

Sydney (Australia-Pacific) runs from 22:00 UTC through 07:00 UTC the next day. It is the smallest session by volume. It overlaps with the end of New York on the previous day and the beginning of Tokyo on the next day, creating a bridge between the North American and Asian trading weeks.

How to Convert Session Times to Your Local Timezone

Forex brokers and trading platforms usually display session times in your account timezone automatically. If you need to calculate them yourself, start with the UTC times above and add or subtract your timezone offset.

For example, if you are in US Eastern Standard Time (EST), you are UTC minus 5 hours. The London session opens at 08:00 UTC, so it opens at 03:00 EST. The New York session opens at 13:00 UTC, so it opens at 08:00 EST. During daylight saving time (EDT), you are UTC minus 4 hours, so those same sessions open at 04:00 EDT and 09:00 EDT.

If you are in US Pacific Standard Time (PST), you are UTC minus 8 hours. The London session opens at 08:00 UTC, so it opens at 00:00 PST (midnight). The New York session opens at 13:00 UTC, so it opens at 05:00 PST. During daylight saving time (PDT), you are UTC minus 7 hours, so those times shift to 01:00 PDT and 06:00 PDT.

When the Market is Closed

The forex market closes at 22:00 UTC on Friday and does not reopen until 21:00 UTC on Sunday. This means there is no trading activity for roughly 47 hours over the weekend. Any news or events that occur between Friday close and Sunday open will be reflected in the price when the market reopens, often as a gap in the opening price.

Some brokers offer limited weekend trading on certain currency pairs, but this is not standard and liquidity is very low. The vast majority of forex trading occurs during the four main sessions listed above.

Which Session Has the Most Price Movement

The London-New York overlap, from 13:00 to 17:00 UTC, typically has the highest trading volume and the largest price swings. This is because London is the largest forex trading hub by volume, and New York is the second largest. When both markets are open at the same time, the combined liquidity and participation create conditions for rapid price movement.

The Tokyo session usually has lower volume than London or New York, but it can still produce significant moves in yen pairs and in pairs that involve the Australian dollar or New Zealand dollar. The Sydney session is the smallest and typically has the least price movement, though it can still produce volatility in Australian and New Zealand dollar pairs.

How Session Times Affect Currency Pair Behavior

Different currency pairs move most during different sessions, depending on which currencies are involved. Pairs that include the Japanese yen (JPY) tend to be most active during the Tokyo session. Pairs that include the British pound (GBP) or euro (EUR) tend to be most active during the London session. Pairs that include the US dollar (USD) tend to be most active during the New York session.

For example, EUR/USD (euro versus US dollar) typically sees its largest moves during the London-New York overlap. GBP/JPY (British pound versus Japanese yen) may see significant moves during both the London and Tokyo sessions. AUD/USD (Australian dollar versus US dollar) may move during the Sydney session and again during the New York session.

Frequently Asked Questions

What time does forex open on Monday?

The forex market opens at 21:00 UTC on Sunday evening with the Tokyo session. In US Eastern time, this is 16:00 EST (4 PM) on Sunday. In US Pacific time, this is 13:00 PST (1 PM) on Sunday. The London session then opens at 08:00 UTC Monday morning.

Can I trade forex outside of these four sessions?

The four sessions listed are when the major institutional markets are open. Some retail brokers offer trading outside these hours, but liquidity is much lower and spreads are wider. Most traders focus on the four main sessions because that is when prices move most predictably and trading costs are lowest.

Does daylight saving time change when the market opens?

The UTC times for each session do not change. However, your local time for those sessions does change when your country switches to or from daylight saving time. If you trade from the US, the market opens one hour earlier on your clock when daylight saving ends in November and one hour later when it begins in March.

What happens if I have a trade open when a session closes?

Your trade remains open. The forex market does not close between sessions — trading simply moves from one region to another. Your position will continue to be affected by price movement during the next session. The only time trades are not active is from 22:00 UTC Friday through 21:00 UTC Sunday.

Which session should I trade in as a beginner?

The London and New York sessions have the highest volume and most predictable price movement, which can be easier for beginners to trade. The Tokyo session can also be good for trading yen pairs. Start by observing price action during each session to see which one fits your schedule and trading style best.