The forex market trades almost 24 hours a day from Sunday evening to Friday evening because currency dealing moves across global financial centres as one region closes and another opens.
The four sessions traders usually follow are Sydney, Tokyo, London and New York.
These are commonly used session windows, not official exchange opening bells. Forex is an over the counter market, so different brokers and market data providers can define session boundaries slightly differently.
The biggest practical lesson is simple: forex is open around the clock on weekdays, but liquidity and market activity are not equally distributed throughout the day.
Forex trading runs continuously through the working week because banks, institutions, businesses and other market participants operate across different time zones.
A typical retail forex week starts around 5:00 PM New York time on Sunday and ends around 5:00 PM New York time on Friday, although broker trading hours can vary slightly.
The size of the market explains why session timing matters.
The Bank for International Settlements reported that global over the counter foreign exchange turnover averaged about $9.6 trillion per day in April 2025, up 28% from 2022. Spot forex alone accounted for about $3 trillion per day.
The US dollar was on one side of 89% of all FX trades in the 2025 BIS survey. The euro accounted for 28.9%, the Japanese yen 16.8%, and sterling 10.2%.
Those numbers are important, but they need context. The $9.6 trillion figure covers the wider institutional FX market, including spot, swaps, forwards, options and other transactions. It should not be read as daily retail trading volume.
When I use forex market hours in a trading plan, I treat them as a map of who is likely to be active, not as a signal telling me what price will do next.
The Sydney session starts the global trading cycle at the beginning of the week.
On 10 September 2026, Sydney is on Australian Eastern Standard Time because daylight saving in New South Wales does not begin until 4 October 2026.
A practical session reference is approximately:
21:00 to 06:00 UTC
This period tends to matter most for currencies connected with Australia, New Zealand and the wider Asia Pacific region.
Pairs traders often watch during these hours include AUD/USD, NZD/USD and AUD/JPY.
The Sydney session is usually quieter than London or the London and New York overlap. That does not mean price cannot move sharply. Australian or New Zealand inflation, employment, central bank decisions or unexpected global news can change conditions quickly.
The Tokyo session is one of the main Asian trading periods.
Japan does not use daylight saving time, which makes Tokyo session conversion simpler than London, New York or Sydney.
A common reference is:
00:00 to 09:00 UTC
Pairs containing the Japanese yen can receive more attention during this period, including USD/JPY, EUR/JPY and AUD/JPY.
Tokyo also overlaps with Sydney for several hours. That can increase participation in Asia Pacific currency pairs.
One detail is worth understanding in 2026: calling this entire period the “Tokyo session” is convenient, but Asia’s FX market is broader than Tokyo alone. Singapore and Hong Kong are also major global FX centres.
The BIS reported that the United Kingdom, United States, Singapore and Hong Kong together accounted for about 75% of global FX trading in April 2025.
So I use “Tokyo session” as a time label, not as a claim that all Asian FX activity happens in Japan.
The London session is the central part of the global forex day.
On 10 September 2026, the United Kingdom is using British Summer Time. The UK moved its clocks forward on 29 March 2026 and will return to GMT on 25 October 2026.
A practical London session reference is:
07:00 to 16:00 UTC
London matters because the UK remains the world’s largest foreign exchange trading centre.
The Bank of England reported average daily UK FX turnover of $4.745 trillion in April 2025, representing 37.8% of global turnover.
The Bank of England describes it simply:
“The UK remains the single largest centre of foreign exchange activity.”
Pairs such as EUR/USD, GBP/USD, EUR/GBP and USD/CHF often receive strong participation during European hours.
London also overlaps with the end of Asian trading and later with New York. That makes it an important bridge between regional markets.
The New York session brings North American participation into the market.
On 10 September 2026, New York is observing Eastern Daylight Time. US daylight saving began on 8 March 2026 and ends on 1 November 2026.
A practical session reference is:
12:00 to 21:00 UTC
The US dollar’s role makes this session relevant well beyond US based currency pairs.
The BIS reported:
“The US dollar maintained its place as the most traded currency.”
It appeared on one side of 89% of FX transactions in the April 2025 survey.
Important US releases such as inflation, employment, retail sales, GDP and Federal Reserve decisions can change liquidity and volatility during New York hours.
Session overlaps matter because two major regions are active at the same time.
Approximately 00:00 to 06:00 UTC
This overlap can be relevant for AUD, NZD and JPY pairs.
Approximately 07:00 to 09:00 UTC
This is a shorter overlap. European participation is arriving while Asian dealing is winding down.
Approximately 12:00 to 16:00 UTC
This is generally the most closely watched overlap because two of the world’s largest FX centres are active together.
More participants can mean deeper liquidity and more price activity, but it does not guarantee a larger move or a profitable opportunity. Major economic announcements can also cause spreads to widen and prices to move quickly.
Imagine you are watching EUR/USD.
During the Sydney session, both Europe and North America are largely outside normal business hours. EUR/USD can still move, but participation may be lighter.
When London opens, European banks and institutions become more active.
When New York joins London, both sides of the EUR/USD pair are connected to major active financial centres at the same time.
That is why the London and New York overlap is often associated with stronger liquidity.
Now consider AUD/JPY.
The Sydney and Tokyo overlap may be more relevant because both currencies are connected to active regional markets during those hours.
The important point is not that one session is automatically “better.” The useful session depends on the currency pair, economic calendar, market conditions and your own trading plan.
Daylight saving time is the main reason traders become confused about forex session times.
Tokyo stays on Japan Standard Time all year.
London changes between GMT and BST.
New York changes between EST and EDT.
Sydney changes between AEST and AEDT.
These regions do not change their clocks on the same dates.
For example, in 2026:
That creates several weeks each year when the UTC relationship between sessions changes.
This is why I would never permanently save a session time in local time and assume it will remain correct all year.
There is no single session that is always the most volatile for every currency pair.
London is the largest FX centre by turnover, and the London and New York overlap is usually one of the busiest parts of the trading day.
But market activity also depends on what is happening that day.
A Bank of Japan announcement can make JPY pairs highly active during Asian hours. A Bank of England decision can dominate London. US employment or inflation data can quickly change conditions during New York.
Session timing provides context. The economic calendar provides the event risk.
Forex is generally available 24 hours a day during the working week, from Sunday evening through Friday evening. It is normally closed to retail trading over the weekend.
The commonly followed sessions are Sydney, Tokyo, London and New York.
London is linked to the world’s largest FX trading centre. The UK accounted for 37.8% of global FX turnover in the April 2025 BIS survey.
Using the September 2026 daylight saving schedule, a practical reference is approximately 12:00 to 16:00 UTC. Exact broker session labels may differ slightly.
Yes. London, New York and Sydney observe daylight saving time, while Tokyo does not. Always check current UTC offsets and your broker’s trading hours.
No. Higher participation can improve liquidity, but it can also coincide with faster price movements and event risk. A session overlap is a market condition, not a trading signal.
Forex market hours are easiest to understand as a global relay.
Sydney starts the cycle. Tokyo expands Asian participation. London brings in the world’s largest FX centre. New York then overlaps with London before the trading day moves back toward Asia.
The most useful habit is not memorising one “best” session.
Instead, know which financial centres are active, which currencies are involved, what economic events are scheduled, and when daylight saving changes the clock.
That gives session times a practical purpose without turning them into a prediction.
This article is for educational and informational purposes only. It does not constitute investment, financial or trading advice. Forex and leveraged products carry a significant risk of loss and may not be suitable for all investors. Trading hours, spreads, liquidity and product availability can vary by broker, instrument, market conditions, holidays and jurisdiction. Always check your broker’s current trading schedule, product specifications and risk disclosures before trading.
