One of the most exciting things about forex trading is that the market is open 24 hours a day, five days a week. But not every hour is the same. Some hours are quiet, while others are buzzing with activity. The key is knowing when the main trading sessions happen and how they line up with your local time.
The three major sessions are:
- Asian Session (Tokyo)
- European Session (London)
- North American Session (New York)
Let’s look at when each session runs, with time conversions for U.S. Eastern Time (ET), New Zealand Time (NZT), and United Kingdom Time (GMT/UK).
Asian Session (Tokyo)
This session kicks things off after the weekend. It includes markets from Japan, China, Australia, and New Zealand.
- GMT/UK time: 12 a.m. to 9 a.m.
- U.S. Eastern time: 7 p.m. to 4 a.m.
- New Zealand time: 12 p.m. to 9 p.m.
What to expect:
- Lower volatility compared to other sessions.
- Best for trading JPY, AUD, and NZD pairs.
- Moves often come from local economic news from Japan, Australia, and New Zealand.
European Session (London)
This is the busiest session of the day, with London at the center. Nearly 30 percent of daily forex trades happen here.
- GMT/UK time: 8 a.m. to 5 p.m.
- U.S. Eastern time: 3 a.m. to 12 p.m.
- New Zealand time: 8 p.m. to 5 a.m. (next day)
What to expect:
- High liquidity and big price moves.
- Pairs like EUR/USD, GBP/USD, and EUR/GBP are very active.
- Trends often begin in this session and can carry over to New York.
North American Session (New York)
By the time New York opens, London is still trading for a few more hours. This overlap creates some of the most volatile moves of the day.
- GMT/UK time: 1 p.m. to 10 p.m.
- U.S. Eastern time: 8 a.m. to 5 p.m.
- New Zealand time: 1 a.m. to 10 a.m. (next day)
What to expect:
- Strong moves in USD pairs like EUR/USD and GBP/USD.
- U.S. news reports such as jobs data and Federal Reserve updates often cause big spikes.
- The overlap with London (8 a.m. to 12 p.m. ET) is considered the best time for traders.
When is the Market Closed?
Even though forex is a 24-hour market during the week, there are short breaks each day when trading pauses. These times can feel like a “reset” period before liquidity picks up again. Don’t put in trades before these time’s as you have no idea how the market will react when it opens again and you can’t close trades while it’s closed unless your swing trading!
- New Zealand: 9 a.m. to 10 a.m.
- U.S. Eastern time: 4 p.m. to 5 p.m.
- UK time: 9 p.m. to 10 p.m.
On Fridays, the market fully closes at about 5 p.m. ET (10 p.m. UK, 9 a.m. Saturday NZT) and reopens on Sunday 5 p.m. ET (10 p.m. UK, 9 a.m. Monday NZT).
Overlaps: When the Action Heats Up
- London and New York overlap
- 8 a.m. to 12 p.m. ET
- 1 p.m. to 5 p.m. UK time
- 1 a.m. to 5 a.m. NZT
- This is the most active time of day and is often called the golden window.
- Tokyo and London overlap
- Shorter and less impactful, but sometimes creates extra volatility in JPY and GBP pairs.
Quick Session Reference Table
| Session | UK Time (GMT) | U.S. Eastern Time | New Zealand Time |
|---|---|---|---|
| Tokyo (Asia) | 12 a.m. – 9 a.m. | 7 p.m. – 4 a.m. | 12 p.m. – 9 p.m. |
| London (Europe) | 8 a.m. – 5 p.m. | 3 a.m. – 12 p.m. | 8 p.m. – 5 a.m. |
| New York (North America) | 1 p.m. – 10 p.m. | 8 a.m. – 5 p.m. | 1 a.m. – 10 a.m. |
| Daily Pause | 9 p.m. – 10 p.m. | 4 p.m. – 5 p.m. | 9 a.m. – 10 a.m. |
The forex market never sleeps during the week, but you should. Instead of trying to trade around the clock, focus on the sessions that fit your schedule and trading style.
- If you are in the U.S., mornings are often best, especially during the London and New York overlap.
- If you are in New Zealand, evenings line up well with London’s busy session.
- If you are in the UK, you get London’s activity right in your workday hours.
Trading at the right time can make all the difference. Think of it like fishing. You want to cast your line when the waters are most active.
