TL;DR
The forex market runs 24 hours a day, five days a week, from 22:00 GMT Sunday to 22:00 GMT Friday. It cycles through four sessions: Sydney, Tokyo, London and New York. The London session (08:00 to 17:00 GMT) is the largest by volume. The highest-liquidity window is the London-New York overlap from 13:00 to 17:00 GMT. Global daily FX turnover is approximately $9.6 trillion (BIS Triennial Survey 2025).
Last reviewed: June 2026
Key Facts
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How the forex market operates around the clock
The foreign exchange market has no central exchange. Trading is conducted electronically between banks, institutions, brokers and retail participants worldwide. Financial centres in different time zones hand the market off continuously through the trading week, keeping it open from Sunday evening to Friday evening without interruption. Four major sessions are named after the financial centres that dominate each window: Sydney, Tokyo, London and New York. Volume, volatility and spreads vary significantly between sessions.
The four sessions in GMT
| Session | Open (GMT) | Close (GMT) | Most active pairs |
|---|---|---|---|
| Sydney | 22:00 | 07:00 | AUD/USD, NZD/USD, AUD/JPY |
| Tokyo | 00:00 | 09:00 | USD/JPY, EUR/JPY, GBP/JPY |
| London | 08:00 | 17:00 | EUR/USD, GBP/USD, EUR/GBP |
| New York | 13:00 | 22:00 | EUR/USD, GBP/USD, USD/CAD |
Times are in GMT (UTC), which does not change with daylight saving. When the UK is on BST (GMT+1), the London session in UK clock time is 09:00 to 18:00 BST (still 08:00 to 17:00 GMT). Tokyo never observes daylight saving; its GMT times are constant year-round. Source: BIS Triennial Survey 2025; Axi forex market hours guide; IFCM forex session data.
The London-New York overlap
From 13:00 to 17:00 GMT, both the London and New York sessions are simultaneously active. London and New York together account for over 50% of global daily FX transactions (BIS Triennial Survey 2025). Spreads on EUR/USD and GBP/USD are typically tightest during this four-hour window, and price movements are more sustained as institutional order flow from both continents is simultaneously active. For UK participants who can only trade a limited daily window, this overlap offers the most liquid conditions for major pairs.
Session characteristics
Sydney session (22:00 to 07:00 GMT)
The lowest-volume session. Australian and New Zealand economic data, including Reserve Bank of Australia (RBA) and Reserve Bank of New Zealand (RBNZ) rate decisions, drive AUD and NZD pairs. Spreads are wider and daily ranges smaller than in the London session. The Sydney-Tokyo overlap from 00:00 to 07:00 GMT adds moderate volume.
Tokyo session (00:00 to 09:00 GMT)
Japan does not observe daylight saving, so the Tokyo session is always 00:00 to 09:00 GMT year-round. Bank of Japan (BoJ) policy announcements and Japanese trade data from the Ministry of Finance drive JPY pair activity. The brief Tokyo-London overlap from 08:00 to 09:00 GMT can be an active transition window.
London session (08:00 to 17:00 GMT)
London is the world's largest foreign exchange trading centre by daily volume (BIS 2025). The session covers the full European business day. UK economic data including CPI, GDP and labour market statistics from the Office for National Statistics (ONS) typically land at 07:00 GMT. ECB decisions and EU data also arrive during this window. EUR/USD, GBP/USD and EUR/GBP daily ranges are largely set during London hours. The first 60 to 90 minutes after the 08:00 open are typically the most volatile.
New York session (13:00 to 22:00 GMT)
The second-largest centre by volume. US data from the Bureau of Labor Statistics (Non-Farm Payrolls, CPI, PCE), Federal Reserve decisions and US Treasury announcements drive the heaviest volatility of the week. The first two hours from 13:00 to 15:00 GMT, overlapping with London, generate the single largest volume window of the day. Activity drops sharply after the London close at 17:00 GMT.
The daily lull and weekend hours
Between the New York close at 22:00 GMT and the Sydney open, a brief quiet period occurs from approximately 21:00 to 23:00 GMT where volume drops sharply. Spreads widen and price movements can be erratic on small order flow. The forex market closes at 22:00 GMT Friday and reopens at 22:00 GMT Sunday. Geopolitical events over the weekend can create price gaps at the Sunday open.
Disclaimer: Forex trading carries a high level of risk. Session times are guidelines; actual liquidity varies. This page is educational only. Kaeltripton Ltd is not FCA-authorised and this is not financial advice.
When does the forex market open in the UK?
At 22:00 GMT Sunday (23:00 BST in summer). It runs continuously until 22:00 GMT Friday.
What is the best time to trade forex from the UK?
The London-New York overlap from 13:00 to 17:00 GMT (14:00 to 18:00 BST in summer) offers the highest combined liquidity and tightest spreads on major pairs including EUR/USD and GBP/USD.
Is forex open 24 hours?
Yes, Monday to Friday, from 22:00 GMT Sunday to 22:00 GMT Friday. Liquidity dips sharply around 21:00 to 23:00 GMT each evening between the New York close and Sydney open.
Does daylight saving affect forex trading hours?
The underlying GMT session times stay fixed. Only the UK and US clock displays change. The London session is always 08:00 to 17:00 GMT; in BST that reads 09:00 to 18:00 BST.
Sources
Bank for International Settlements Triennial Survey 2025 (bis.org); Axi forex market hours UK (axi.com/uk); IFC Markets forex session data (ifcm.co.uk); BabyPips forex market hours (babypips.com); City Index forex market hours UK (cityindex.com/en-uk); ONS data release schedule 2026 (ons.gov.uk).
