Forex market or foreign exchange market is a market, which operates 24 hours a day, six days a week. It opens on Sunday afternoon in the Far East and closes on Friday evening in U S. Forex trading therefore offers you the flexibility of choosing the time and currencies you wish to trade in. Of these 24 hours, how do you identify the best forex trading times?
London is the most active time zone in the Forex market. London is five hours ahead of New York. As trading finishes in one time zone, it starts in the other. This crossover period normally provides maximum action. The forex markets are busiest during the London to US overlap between 13:00 GMT to 16:00 GMT. Forex market is most liquid at this time with majority of forex traders actively trading during these hours.
Basically in the forex market there are three major sessions each day. These are the London session, US session and the Asian session.
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The London session begins at around 8:00 GMT and closes at around 1600 GMT. EUR, GBP and USD are most active currencies during this time.
The US session starts at around 1300 GMT and ends at 22:00 GMT. AUD, EUR, GBP, JPY, and USD are the actively traded currencies during these hours.
The Asian session is much less volatile compared to London and U S session on most of the days. JPY is the only actively traded currency in this session. Unless there is any major financial event there will not be much movement in this currency. Therefore, while choosing the best forex trading times you can safely ignore the Asian session.
To conclude the best forex trading times are during the London and US session overlap. During this time there is a lot of movement in currencies due to heavy trading. Plus all international fundamental news that has an impact on the forex rates too comes out during this time.
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