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Forex Market Hours: Can You Exchange Forex 24/7?
Forex market hours available to you will be dependent entirely on your location. If you need to know the precise times that the Forex markets open and close, you also have to take time zones into account. It is straightforward when expressed in UTC. That is Universal Coordinated Time, formerly known as Greenwich Mean Time. This is the standard (winter) time in Greenwich, London , the location of zero longitude on the globe.
So, the normal forex market hours are 22.00 Sunday UTC to 22.00 Friday UTC. It is 10 pm in the UK in winter.
But nevertheless it is not a 24/7 market given that it does shut down on weekends. 24 hours/5 days a week would definitely be more accurate.
New York City is 5 hours behind the UK so the global currency trading market opens and closes at 5 pm Sunday/Friday in New York, 2 pm on the US west coast, 11 pm in Munich, Germany, 8 am Monday-Saturday in Sydney.
Times get a more complicated when you start to try to take summer time daylight saving into consideration. This will make one hour variance in nations that observe it. But then daylight saving operates in a different way in the southern hemisphere countries such as Australia which have summer time from September till March instead of March till September.
The hours of the various primary global markets are as follows:
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 we can express that in (Eastern US time):
Sydney: 5 pm until 2 am EST
Tokyo: 7 pm to 4 am EST
London: 3 am to 12 noon EST
New York: 8 am to 5 pm EST
You will find that these correspond to 24 hr coverage.
However, that does not automatically mean that trading will be good at all of these times. Just after a major market opens, the prices might possibly be very volatile and changeable. Many traders will avoid the foreign exchange market for up to an hour four times a day when the financial 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 nearest rival the euro. Which means that affairs in the United States have a greater impact on the financial 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 possibly be a good time to cease trading for the day.
So theoretically you can trade 24 hours per day from Sunday night to Friday night. Computerized software in the form of a forex robot can perhaps even make this physically possible. In spite of this, a careful trader will pick his times and will not be active during all of the forex market hours.
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