Forex Market Hours: Can You Exchange Foreign Currency 24 Hours/7 Days?
Forex market hours accessible to you will depend entirely on your location. If you want to find out the exact time that the Forex markets open and close, you will need to take the time zones into consideration. It is relatively easy when expressed in UTC. This is Universal Coordinated Time, formerly referred to as Greenwich Mean Time. This is the normal (winter) time in Greenwich , the location of zero longitude on the globe.So, the conventional forex market hours are 22.00 Sunday UTC to 22.00 Friday UTC. This is 10 pm in the UK in mid winter.
However it is not a 24/7 market just because it does close down on Saturdays and Sundays. 24 hours/5 days a week could very well be more factual.
New York is 5 hours behind the UK so the global currency market opens and closes at 5 pm Sunday/Friday in NY, 2 pm on the US western seaboard, 11 pm in Munich, Germany, 8 am Monday-Saturday in Sydney, Australia.
Things get a little complicated when you begin to attempt to take daylight saving into consideration. This will make an hour or so difference in nations that observe it. However daylight saving operates in a different manner in the southern hemisphere which have summer months from September until March instead of March till September.
The particular hours of the different primary national markets are :
Sydney: 10 pm till 7 am UTC
Tokyo: 12 midnight till 9 am UTC
London: 8 am until 5 pm UTC
New York: 1 pm till 10 pm UTC
Or we often express that in EST (Eastern US time):
Sydney: 5 pm to 2 am EST
Tokyo: 7 pm to 4 am EST
London: 3 am until 12 noon EST
New York: 8 am until 5 pm EST
You see that these correspond to 24 hr coverage.
Unfortunately, this will not necessarily mean that trading will be good at all of those times. Soon after a Forex market opens, the prices can become very volatile and erratic. Many market traders will stay out of the forex trading market for as much as an hour four times a day when the trading markets are waking up in those major cities.
The $US is the most frequently traded forex by a long way, involved in 2.5 times as many trades as its nearest competitor the euro. This means that activities in the USA have a greater impact on the trading markets than affairs in other regions. The New York market has a tendency to decline around 3 pm local time (8 pm UTC) and if you are involved in a $US pair, this could be a good time to stop trading for the day.
So in theory you can trade 24 hours on a daily basis from Sunday night until Friday night. Autopilot software in the form of a forex robot can perhaps even make this physically workable. However, a vigilant trader will choose his times and will not be trading throughout all of the forex market hours.
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