Forex never closes during the week, but it is not equally busy all day. Trading follows the sun: as one financial centre winds down, the next one wakes up. These blocks of time are called sessions, and each has its own personality.
The four sessions
Sydney and Tokyo: the Asian session
The week opens in Sydney on Sunday evening (GMT), followed by Tokyo. Volume is lighter, and major pairs often drift in a tight range. Yen, Australian dollar and New Zealand dollar pairs are the most active. Many traders mark the Asian session's high and low, because later sessions often test them.
London
London is the largest forex trading centre in the world. When it opens, volume jumps, spreads tighten and the day's first big move often begins. Euro, pound and Swiss franc pairs come alive, and European stock indices open their cash sessions.
New York
New York brings US economic data (usually released at 8:30 a.m. New York time), the US stock market open at 9:30 a.m., and heavy trading in US index futures, gold and oil. Activity usually fades once London closes and into the New York afternoon.
The overlap: when the most happens
From about 13:00 to 17:00 GMT, London and New York are both open. This four-hour window is typically the most liquid and volatile part of the forex day, and it is when many intraday traders focus their attention.
| Session | GMT (winter) | Most active | Typical character |
|---|---|---|---|
| Sydney | 22:00 – 07:00 | AUD, NZD | Thin, slow start to the week |
| Tokyo | 00:00 – 09:00 | JPY, AUD, NZD | Ranges; sets the Asian high and low |
| London | 08:00 – 17:00 | EUR, GBP, CHF | Volume surge, first big move |
| New York | 13:00 – 22:00 | USD, US indices, gold, oil | Data releases, US stock open |
Daylight saving time
The UK and US change their clocks on different dates, so for a few weeks each March and October/November the gap between London and New York is one hour shorter than usual. Australia changes its clocks in the opposite season. If your charts or alerts are set to fixed times, check them around these dates.
Other markets keep different hours
- Forex runs from Sunday evening to Friday evening (GMT), around the clock.
- US futures on CME trade nearly 24 hours, Sunday to Friday, with a one-hour daily break at 5 p.m. New York time.
- US stocks have a regular session of 9:30 a.m. to 4 p.m. New York time, with thinner pre-market and after-hours trading.
- Crypto never stops, including weekends, when liquidity is often thin.
Key takeaways
- The forex day runs Sydney → Tokyo → London → New York.
- London is the busiest centre; the London–New York overlap (about 13:00–17:00 GMT) is usually the most active window.
- The Asian session is quieter and often sets a range that later sessions test.
- Daylight saving shifts session times by an hour for part of the year, so check your alerts.