One market, three centres
Forex has no single exchange. Trading follows the sun through three financial centres, and the market is "open" whenever one of them is at work — from Monday morning in Sydney to Friday evening in New York.
| Session | Approx. hours (UTC) | Character |
|---|---|---|
| Asia (Tokyo, Sydney) | 00:00 – 09:00 | Quieter; yen and Aussie pairs most active |
| London | 07:00 – 16:00 | The busiest session; majors and European crosses |
| New York | 12:00 – 21:00 | US data releases; dollar pairs |
The overlap
Between roughly 12:00 and 16:00 UTC, London and New York are both open. This is when volume is highest, spreads are tightest and the largest moves of the day tend to happen. If you can only trade for a few hours, these are the ones.
Quiet hours
Late in the New York session and early in Asia, liquidity thins. Spreads widen, and a small order can move the price more than it would at noon London. Many pairs drift sideways for hours. It is not a bad time to trade — but it is a bad time to expect a trend.
Summary
The market runs continuously from Monday to Friday, but the London–New York overlap is where liquidity, tight spreads and directional moves concentrate.