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The currency exchange hours extend from Monday morning in Sydney, Australia to Friday afternoon in New York. During that period the market is open at some place around the globe at all hours of the day or night.
Still, it is not a 24/7 market because there is no trading on weekends. 24/5 would be more precise.
If you need to know the exact times that the markets open and close, you have to take time zones into account. It is very uncomplicated when expressed in UTC. This is Universal Coordinated Time, earlier known as Greenwich Mean Time. This is the regular (winter) time in Greenwich, London which is the point of zero longitude on the earth.
New York is lagging 5 hours the UK so the worldwide forex market opens and closes at 5 pm Sunday/Friday in New York, 14.00 on the US west coast, 23.00 in Germany, 8.00 Monday/Saturday in Sydney.
Things get a little more difficult when you start to try to take summer time daylight saving into consideration. This makes one hour difference in countries that adopt it. But daylight saving functions in a different way in the southern hemisphere countries such as Australia which have summer season from September to March instead of March to September.
The hours of the various most significant national markets are as follows:
Sydney: 10.00 pm to 7.00 am UTC
Tokyo: 12 midnight to 9 am UTC
London: 8.00 am to 5.00 pm UTC
New York: 1.00 pm to 10.00 pm UTC
Or we can state that in EST (Eastern US time):
Sydney: 5 pm to 2 am EST
Tokyo: 7 pm to 4 am EST
London: 3.00 am to 12.00 noon EST
New York: 8.00 am to 5.00 pm EST
You can see that these are equivalent to 24 hour cover.
Even so, this does not necessarily imply that trading will be stable at all of these times. Just after a main market opens, the prices can be particularly fast-moving and erratic. Most traders will stay out of the currency exchange market for up to an hour 4 times a day when the currency markets are waking up in these major cities.
The US dollar is the most traded currency by a long way, involved in 2.5 times as many trades as its next rival, the euro. This indicates that events concerning the USA have a larger impact on the currency markets than news concerning other countries. The New York market begins to slow down around 3 pm local time (8 pm UTC) and if you are involved in a US dollar pair, this could be the right time to stop trading for the day.
So theoretically you could trade 24 hours a day from Sunday night to Friday night. Automated program in the form of a forex robot may even make this physically viable. Still, a cautious trader will choose his times and will not be invested during all of the currency exchange market hours. Furthermore, trusting hard-earned money on a robot is a risk many traders are not willing to take. A much better approach is using forex signals. With reliable forex signals you can improve your risk profile dramatically. There are many forex signal websites online, but always check out the track record, and test the signals in simulation trading, prior to starting to trade on real account.
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