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Forex Market Hours: Could You Buy And Sell Forex 24/7?
Forex market hours readily available to you will depend entirely on your location. If you want to know the precise times that the Forex markets open and close, you also have to take the time zones into consideration. It is simple and easy when expressed in UTC. That is Universal Coordinated Time, formerly referred to as Greenwich Mean Time. This is the standard (winter) time in Greenwich, London , the location of zero longitude on the globe.
So, the customary forex market hours are 22.00 Sunday UTC to 22.00 Friday UTC. That is 10 pm in the UK in mid-winter.
Then again it is not a 24/7 market considering that it does shut down on weekends. 24 hours/5 days a week is likely to be more precise.
New York is five hours behind the UK so the global forex trading market opens and closes at 5 pm Sunday/Friday in NY, 2 pm on the US west coast, 11 pm in Munich, Germany, 8 am Monday-Saturday in Sydney, Australia.
Things soon get a more complicated when you begin to try to take summer time daylight saving into consideration. This will make an hour change in locations that observe it. On the other hand daylight saving operates in a different manner in the southern hemisphere countries such as Australia which have summer time from September till March instead of March till September.
The actual hours of the different most important national markets are :
Sydney: 10 pm to 7 am UTC
Tokyo: 12 midnight to 9 am UTC
London: 8 am till 5 pm UTC
New York: 1 pm till 10 pm UTC
Or you can actually express that in EST (Eastern Standard time):
Sydney: 5 pm until 2 am EST
Tokyo: 7 pm to 4 am EST
London: 3 am till 12 noon EST
New York: 8 am to 5 pm EST
You will find that these correspond to 24 hr coverage.
Even so, this may not always mean that trading will be good at all these times. Just after a principal market opens, the prices could possibly be very volatile and changeable. Many brokers will stay out of the foreign currency market for nearly an hour four times a day when the Forex markets are waking up in these major cities.
The US dollar is the most frequently traded forex by a long way, involved in 2.5 times as many trades as its closest rival the euro. This implies that issues in the United States have a greater impact on the trading markets than events in other countries. The New York market has the tendency to decline around 3 pm local time (8 pm UTC) and if you are involved in a US Dollar pair, this might be a great time to cease trading for the day.
So technically you can trade 24 hours per day from Sunday night to Friday night. Computerized software in the form of a forex robot can probably make this physically achievable. Even so, a meticulous trader will select his times and will not be trading during all of the forex market hours.
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