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As interest in forex trading grows, it is common to find new traders asking questions like "What time is the forex market open?”. When they discover the forex market hours are 24 hours a day, 5 days a week, the next question is, “How is that possible?”.
And the answer is relatively simple: because the forex market lacks a central exchange, forex trading “follows the sun”, moving from one country to the next as the trading sessions continue so that each market overlaps neatly.
As a general rule, foreign exchange market hours are from Monday to Friday and are paused on the weekends when the major banks are closed.
As a result, the forex market is usually classified into four major trading sessions: the Sydney session, the Tokyo session, the London session, and the New York session. With these sessions covering multiple time zones, forex traders can take advantage of the benefits of forex trading anytime.
Even if you are strapped for time and only have an hour spare each day, there will still be a market that is open and ready for trading!
The forex market is open 24 hours a day, 5 days a week, across the world.
The market first opens on Monday in New Zealand at 8:00 AM local time, followed by the start of one of the major market sessions in Sydney at 9:00 AM Monday local time, which is 10:00 PM GMT Sunday.
The forex market will then close over the weekend at 9:00 PM Friday GMT.
The Sydney session is generally referred to because it is the first session that starts a new week, though the three major sessions where activity is at its peak are the Asian trading session (Tokyo), European trading session (London), and North American trading session (New York).
Here are the opening and closing forex market hours for the four major markets (using GMT as a baseline):
Local opening times may vary throughout the year due to Daylight Saving Time (DST) shifts.
Yes, daylight savings times (DST) significantly affect the operating hours relative to GMT. Because different countries change their clocks in different months (and some, like Japan, do not change at all), the trading sessions shift.
To help you plan, here is the breakdown by season:
During this period, London is on BST (GMT+1) and New York is on EDT (GMT-4).
During this period, the US and UK revert to standard time, while Sydney moves into its summer (DST).
We've listed the major forex sessions but there are also four minor sessions to consider in this global market:
The forex market is one of the only financial markets that have the luxury of remaining open over a 24-hour, 5 days-a-week period. This is due to the different international timezones and trading being done over a network of computers instead of physical centralised exchanges.
With those extended trading hours, the amount that is traded on the forex market is much larger than any other market, with $9.6 trillion being traded every day according to the BIS’s 2025 triennial survey.
In the same survey, it was stated that over 170 currencies are traded across the global forex market. USD was involved in 89.2% of all trades with USD/EUR being the top currency pair accounting for approximately 21.2% of total turnover.
The international dateline is the official start of a new calendar day, which means that the forex market opens first in New Zealand on Monday at 8:00 AM local time, which is Sunday at 7:00 PM GMT.
The first trading session to start the week is known as the Sydney session, even though the trading starts in New Zealand first.
There is a period of time where forex trading sessions overlap. These are generally the busiest times of the day simply because there is more trading volume in the forex market with two sessions open at the same time.
The forex market session overlaps are:
As an example, you may see a high level of liquidity when trading both the EUR/USD & GBP/USD currency pairs between 1:00 PM and 5:00 PM GMT because both markets for those currencies are currently active.
Moreover, this is also why the European session open is considered the most liquid and active trading session because a majority of the major currency pairs are traded during this time. This includes the GBPUSD, EURUSD, USDJPY, USDCAD, and AUDUSD.
The best time to trade forex is when the forex market is open across more than one session during an overlap since the market is more active at this time. With more FX traders active in the market, there are greater opportunities due to a higher potential for price fluctuation in currency pairs. But remember, this volatility also brings the possibility of greater risk.
With one forex market session active the currency pairs tend to see tighter pip spread movement, while a trading session with two markets active can feature a higher movement of pips.
Generally, the best forex session overlaps to trade are the New York and London sessions between 1:00 PM - 5:00 PM GMT. The two most popular currencies to trade at this time are the US Dollar and the Euro, which makes sense given that more than 70% of all trades would happen when the two biggest markets overlap and price activity is likely to be higher.
There are two holidays that shut down the forex market from operating: on Christmas Day and New Year's Day the market is officially closed.
There are some other dates throughout the year that can have an impact on the forex market and certain currency pairs e.g. Japanese holidays can affect the Yen, but not affect other currencies.
You can stay up to date with the forex economic calendar to be aware of global economic announcements. And make sure you know how to read the economic calendar so you're across any significant events or news that may be coming up.
As there are multiple trading strategies and trading styles, identifying when markets open is a crucial step in organising your trading plan.
For example, some traders may employ a currency-focused trading strategy. Thus, when the Tokyo forex session opens, they will focus on the Japanese Yen. Likewise, when the London or New York forex sessions open, they will switch toward the movement of the USD and/or GBP.
With many trading opportunities and volatility levels appearing throughout the day, picking the best time that suits your trading style and strategy is something that every trader should take note of.
Gaps in forex trading happen over the weekend since this is the only time the forex market is closed with no trading taking place. Even though the market is not open seven days a week, the prices can still change over the two days when trading does not take place.
Within these “gaps” in normal trading, currency values can still go up or down, so some traders have strategies for trading gaps to take advantage of this occurrence. Sudden price changes can occur during this time too, usually because of a major economic or environmental event that drastically influences the value of a currency.
Forex pricing at Axi currently takes place in the period from Monday 00:00 to Friday 23:59 (MT4 Server Time). Different brokers may have different times when they operate within the market.
Yes, all forex positions can be held over the weekend and major holidays.
However, the market open or close times may be altered due to a lack of liquidity or pricing updates. Traders with open positions over weekends should be aware that these positions are susceptible to additional risk when significant events occur during the market closure.
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This information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. It has been prepared without taking your objectives, financial situation, or needs into account. Any references to past performance and forecasts are not reliable indicators of future results. Axi makes no representation and assumes no liability regarding the accuracy and completeness of the content in this publication. Readers should seek their own advice.
FAQ
The London forex session opens at 08:00 GMT and closes at 17:00 GMT (5:00 PM GMT). In local UK time, this is 8:00 AM to 5:00 PM in winter, and 9:00 AM to 6:00 PM during summer.
The New York forex session opens at 13:00 GMT (1:00 PM GMT) and closes at 22:00 GMT (10:00 PM GMT). In Eastern Time (ET), this is 8:00 AM to 5:00 PM in standard time or 9:00 AM to 6:00 PM in daylight saving time.
The Tokyo forex market opens at 00:00 GMT (midnight GMT) and closes at 09:00 GMT. In local Japan Standard Time (JST), this is 9:00 AM to 6:00 PM. Japan does not observe daylight saving time, so Tokyo market hours remain consistent throughout the year in GMT.
The Frankfurt forex session opens at 07:00 GMT and closes at 16:00 GMT (4:00 PM GMT). Frankfurt opens an hour before London, so it is considered part of the early European market.
The Sydney forex session begins at 22:00 GMT on Sunday and ends at 07:00 GMT on Monday. In Australian Eastern Daylight Time (AEDT), this is 9:00 AM to 6:00 PM Monday.
The international forex trading week starts in New Zealand. The market opens in Wellington at 8:00 PM GMT on Sunday (which is Monday morning).
