The forex market is open 24 hours a day from Monday morning in Sydney to Friday evening in New York. Liquidity and volatility, however, change dramatically throughout the day.
The four major sessions
| Session | Local hours | Character |
|---|---|---|
| Sydney | 07:00 – 16:00 AEST | Quiet, AUD and NZD active |
| Tokyo | 09:00 – 18:00 JST | JPY pairs move, ranges common |
| London | 08:00 – 17:00 GMT/BST | Highest volume, strong trends |
| New York | 08:00 – 17:00 EST/EDT | USD news, high volatility |
The overlaps
- London–New York overlap — the most liquid period of the day, with the tightest spreads and biggest moves on EUR/USD, GBP/USD and gold.
- Tokyo–London overlap — shorter, but often sets the tone for the European day.
Tips
- Scalpers should trade the London and New York sessions when spreads are tightest.
- Watch the economic calendar — central bank decisions and US data cause the biggest spikes. See our economic calendar.
- Spreads widen around the daily rollover (17:00 New York time) — avoid opening new trades then.
See which sessions are open right now in your time zone with our live Forex Market Hours tool.