Each currency is most active when its home market is open. Matching the pair you trade to the session you can be at the screen for is one of the simplest ways to improve your trading: you get tighter spreads, cleaner moves and fewer hours of chop.
Session by session
Asia
The Australian and New Zealand dollars and the yen are most active. Australian and Chinese data, and Bank of Japan news, land here. European pairs tend to range quietly, building the Asian high and low that London often takes out.
London
The euro, pound and Swiss franc wake up. EUR/USD, GBP/USD and EUR/GBP see their first big moves, and gold becomes active. UK and Eurozone data land in the London morning.
London–New York overlap
The busiest window for almost every major pair. US data at 8:30 New York time, the US stock open at 9:30, and the most liquidity of the day. USD/CAD is especially active, with Canadian data often released at the same time as US data.
Late New York
After London closes, activity fades. Spreads widen into the daily rollover at 5 p.m. New York time. Unless there is late news, such as a Federal Reserve decision at 2 p.m., most pairs drift.
Key takeaways
- Each currency is most active when its home financial centre is open.
- AUD, NZD and JPY lead in Asia; EUR, GBP and CHF in London; USD and CAD in New York.
- The London–New York overlap is the busiest window for most majors.
- Choose the pair that's active when you can trade.