The four forex trading sessions, and when the market moves

The forex market never sleeps during the week. It opens on Sunday evening in Sydney and trades around the clock until New York closes on Friday. But it is not equally busy all day: activity rises and falls as the major financial centres open and close.

The four sessions

Session times below are approximate, in GMT. They shift by an hour when daylight saving starts or ends, and the UK, US and Australia change their clocks on different dates.

Sydney: about 22:00 – 07:00 GMT

The trading week starts here. It is usually the quietest session, with the most activity in the Australian and New Zealand dollars. Spreads can be wider, especially in the first hour after the weekly open.

Tokyo: about 00:00 – 09:00 GMT

The Asian session brings more volume to the yen and to Asia-Pacific currencies. Many pairs trade in tighter ranges here, which some traders use to mark out levels for later in the day.

London: about 08:00 – 17:00 GMT

London is the centre of the forex world. According to the Bank for International Settlements' surveys, the UK handles the largest share of global forex turnover. The euro, pound and Swiss franc are especially active, and the London open often brings the first big moves of the day.

New York: about 13:00 – 22:00 GMT

New York puts the US dollar in focus. Important US data, such as inflation and employment figures, is usually released at 8:30 a.m. New York time, which is 13:30 GMT in winter and 12:30 GMT in summer. Activity tends to fade in the late New York afternoon.

The overlaps

When two sessions are open at once, more banks and traders are active and the market is at its most liquid.

• London and New York (about 13:00 – 17:00 GMT) is the busiest window of the day for most major pairs.
• Sydney and Tokyo (about 00:00 – 07:00 GMT) is the main window for AUD, NZD and JPY pairs.

How to use the sessions

• Trade the pairs that are awake. EUR/GBP is rarely interesting in the middle of the Asian session; AUD/JPY often is.
• Watch the clock around news. Scheduled data releases can move prices sharply and widen spreads for a few minutes.
• Be careful around the daily rollover (about 22:00 GMT). Liquidity is thin and spreads widen, so stops placed close to the price are easier to hit.
• Pick sessions that fit your life. Consistency matters more than trading every session. Choose the hours you can follow properly.

We follow every session, from the Sydney open to the New York close, and share the trades we take on Telegram. To plan your own trades, try our free forex calculators.

Risk note: trading forex carries a high level of risk and may not be suitable for everyone. This article is for education only and is not financial advice.