The four main trading sessions
There is no single opening bell. Trading follows the working day of the major financial centres. Times below are approximate and in UTC; they shift by an hour when Europe, the US or Australia change their clocks for daylight saving.
| Session | Approx. hours (UTC) | Most active pairs |
|---|---|---|
| Sydney | 21:00 – 06:00 | AUD/USD, NZD/USD, AUD/JPY |
| Tokyo | 00:00 – 09:00 | USD/JPY, EUR/JPY, AUD/JPY |
| London | 07:00 – 16:00 | EUR/USD, GBP/USD, EUR/GBP, USD/CHF |
| New York | 12:00 – 21:00 | EUR/USD, GBP/USD, USD/CAD, USD/JPY |
Session overlaps: the busiest hours
When two centres are open at once, more banks and funds are trading, so liquidity is deepest and spreads are usually tightest.
- London / New York (about 12:00 – 16:00 UTC): the most liquid window of the day, and when much US economic data is released.
- Tokyo / London (about 07:00 – 09:00 UTC): a shorter overlap, often active for yen and euro crosses.
- Sydney / Tokyo (about 00:00 – 06:00 UTC): active for Australian, New Zealand and Japanese currencies.
The weekly open, the weekly close and weekend gaps
The week opens on Sunday evening UTC as Sydney starts trading and closes on Friday evening UTC when New York finishes. Over the weekend the market is shut, but news does not stop. If something important happens, Monday's first price can be well away from Friday's close — a gap.
- Spreads are often wider in the first hour after the Sunday open.
- A stop loss cannot be filled at a price the market never traded at, so a gap can make a loss larger than planned.
- If you hold positions over the weekend, size them with that risk in mind.
The daily rollover
Around the New York close each day, the market rolls over to the next trading day. Positions still open at that moment are charged or credited swap (overnight financing). Liquidity is thin for a short period, so spreads widen — usually a poor time to open new trades.
Other markets keep different hours
- Gold and silver trade almost around the clock on weekdays, with a short daily break.
- Index CFDs follow their underlying futures and cash markets, so their busiest hours are those of the home exchange.
- Share CFDs trade only while their stock exchange is open.
- Crypto CFDs follow crypto markets, which trade outside normal forex hours; check the instrument's schedule in the platform.
Choosing when to trade
There is no single best time — it depends on your pairs and your strategy. Short-term traders often focus on the London and New York sessions for liquidity. Traders who prefer calmer markets may choose quieter hours, accepting wider spreads. Whatever you choose, check the economic calendar, because a scheduled release can turn a quiet hour into a volatile one.
Frequently asked questions
What time does the forex market open?
It opens on Sunday evening UTC with the Sydney session and runs continuously until Friday evening UTC, when New York closes.
What is the best time to trade forex?
Liquidity is usually highest during the London and New York overlap, roughly 12:00 to 16:00 UTC, when spreads on major pairs tend to be tightest.
Is the forex market open on weekends?
No. Forex closes from Friday evening to Sunday evening UTC, and prices can gap when it reopens.
Why are spreads wider at certain times?
Spreads widen when fewer participants are trading — around the daily rollover, at the Sunday open and late in the US afternoon.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This page is general information, not investment advice. Read the Risk Disclosure.