The forex market opens and closes on a rolling basis across four major trading sessions

The forex market does not have a single opening bell. Instead, it operates across four overlapping sessions that follow the business day in different regions: Sydney, Tokyo, London, and New York. Each session opens when banks and trading firms in that region start their workday, and closes when they stop. Because the world's time zones are spread 24 hours apart, one session is always closing as another opens, which is why forex trades happen around the clock on weekdays.

The exact times these sessions open and close depend on your own time zone. If you live in New York, the Sydney session opens at 5 p.m. Eastern time on Sunday evening. If you live in London, that same Sydney session opens at 10 p.m. Greenwich Mean Time. The times also shift twice a year when daylight saving time begins and ends in different regions on different dates.

Key Takeaways

  • The forex market has four main sessions — Sydney, Tokyo, London, and New York — each opening when banks in that region start their workday.
  • Session times overlap, so the market is never fully closed during the business week, but it does shut down completely on weekends.
  • The exact opening and closing times in your local time zone depend on where you live and whether daylight saving time is currently in effect.
  • The London and New York sessions overlap for four hours, and this overlap period typically sees the highest trading volume and price movement.
  • Forex trading halts from Friday evening through Sunday evening, though the exact times depend on your time zone.

Sydney session: Sunday evening through Monday afternoon

The Sydney session is the first to open each week. It runs from approximately 5 p.m. Sunday Eastern time through 2 a.m. Monday Eastern time (times vary with daylight saving). In Sydney itself, this is Monday morning through early afternoon. This session is the smallest by trading volume, meaning fewer traders are active and price movements tend to be smaller.

The Sydney session is sometimes called the "Asian-Pacific" session because it covers the business day across Australia, New Zealand, and parts of Asia. However, most of the trading volume during this window actually comes from Tokyo and other Japanese financial centers, which overlap with Sydney's afternoon hours.

Tokyo session: Monday evening through Tuesday morning

The Tokyo session opens around 7 p.m. Eastern time Sunday and closes around 4 a.m. Eastern time Monday (again, times shift with daylight saving). In Tokyo, this is Monday morning through afternoon. The Tokyo session is larger than Sydney's but smaller than London's or New York's. It includes trading from Japan, Hong Kong, and Singapore.

The Tokyo session does not overlap with New York, so traders in those two regions rarely trade at the same time. This means price movements that happen in Tokyo may sit unchanged until London opens a few hours later.

London session: 3 a.m. through 12 p.m. Eastern time

The London session opens around 3 a.m. Eastern time and closes around 12 p.m. Eastern time (times vary with daylight saving). This is the business day in London and across Europe. The London session is the second-largest by trading volume, after New York. It includes trading from the United Kingdom, Germany, France, and other European financial centers.

The London session overlaps with the tail end of Tokyo and the beginning of New York. The overlap with New York — roughly 8 a.m. to 12 p.m. Eastern time — is when the most trading happens in the entire week. Prices move faster, spreads (the difference between buy and sell prices) are tighter, and liquidity is highest.

New York session: 8 a.m. through 5 p.m. Eastern time

The New York session opens around 8 a.m. Eastern time and closes around 5 p.m. Eastern time. This is the business day in the United States and covers trading from New York, Chicago, and other U.S. financial centers. The New York session is the largest by trading volume. It overlaps with London for four hours (8 a.m. to 12 p.m. Eastern), which is the busiest trading window of the week.

After the New York session closes at 5 p.m. Eastern time, the forex market enters the weekend. No major forex trading happens from Friday 5 p.m. Eastern through Sunday 5 p.m. Eastern, though some brokers and banks may offer limited trading on weekends at wider spreads and with less liquidity.

How daylight saving time affects opening times

The United States, United Kingdom, and Australia all observe daylight saving time, but they do not switch on the same dates. The U.S. typically changes in mid-March and mid-November. The UK changes on the last Sunday of March and October. Australia changes on the first Sunday of October and first Sunday of April (and not all Australian states observe it). This means the time differences between sessions shift for a few weeks each year when one region has switched but another has not.

If you trade forex, your broker's platform should display session times in your local time zone and adjust automatically for daylight saving. However, it is worth checking your broker's website or calling to confirm the exact times they use, because some brokers may define session boundaries slightly differently.

Why session times matter for traders

Different sessions have different characteristics. The London-New York overlap is when prices move fastest and spreads are tightest, so traders looking for quick moves often focus on those four hours. The Sydney and Tokyo sessions have lower volume and wider spreads, so they may suit traders with longer time horizons or those trading less-liquid currency pairs. The New York close (5 p.m. Eastern) is when many traders close positions for the week, which can cause sharp price movements.

Session times also affect when economic news is released. U.S. economic data is usually released at 8:30 a.m. Eastern time, which is during the New York session open and the London-New York overlap. European data is often released at 10 a.m. London time, which is during the London session. Japanese data is released during Tokyo hours. Knowing when these announcements happen helps traders anticipate when prices might move.

Frequently Asked Questions

What time does forex open on Sunday?

Forex opens on Sunday at 5 p.m. Eastern time (or 10 p.m. GMT), when the Sydney session begins. This is Sunday evening in the United States and early Monday morning in Sydney. The exact time in your time zone depends on where you live.

Can you trade forex on weekends?

Most forex trading stops from Friday 5 p.m. Eastern through Sunday 5 p.m. Eastern. Some brokers offer weekend trading, but with much lower liquidity and wider spreads. The interbank market — where banks trade with each other — does not operate on weekends.

Which forex session has the most trading?

The London-New York overlap, from 8 a.m. to 12 p.m. Eastern time, has the highest trading volume and the tightest spreads. This is when prices move fastest and liquidity is greatest. The New York session alone is the largest single session by volume.

Do forex times change when daylight saving time starts?

Yes. When the U.S. switches to daylight saving time, all session times shift by one hour in Eastern time. The same happens when the UK or Australia switches. Because these regions switch on different dates, the time differences between sessions shift for a few weeks each year until all regions have switched.

What happens to forex prices when the New York session closes?

When New York closes at 5 p.m. Eastern on Friday, the forex market enters the weekend with no major institutional trading. Prices that move during the weekend are usually driven by news events or by retail traders on brokers that offer weekend trading. On Sunday at 5 p.m. Eastern, Sydney opens and the new week begins.