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Forex never closes, but it does pulse. Volume, volatility and spread quality shift dramatically across the four major sessions. Trading the right pair at the wrong hour is a stealth tax on every retail account.
The four sessions (UTC)
| Session | Open | Close | Best for |
|---|---|---|---|
| Sydney | 22:00 | 07:00 | AUD, NZD pairs |
| Tokyo | 00:00 | 09:00 | JPY pairs, AUD/JPY |
| London | 08:00 | 17:00 | EUR, GBP, CHF pairs |
| New York | 13:00 | 22:00 | USD pairs, gold |
The session that prints the money
The London / New York overlap (13:00–17:00 UTC) is the single most liquid four-hour window in the entire week. Spreads tighten, slippage drops, and the largest directional moves on EUR/USD, GBP/USD and XAU/USD typically print here.
Avoid the dead zone
The two hours between New York close and Sydney open (22:00–00:00 UTC) and Friday after 20:00 are the worst times for retail. Liquidity drops, spreads widen, and stop-hunts become more common.
Pair-by-pair guidance
- EUR/USD, GBP/USD — London open + NY overlap.
- USD/JPY, AUD/JPY — Tokyo open through Tokyo / London overlap (07:00–09:00 UTC).
- AUD/USD, NZD/USD — Sydney / Tokyo overlap, plus US session for USD-driven moves.
- USD/CAD — North American session (NY) when oil also moves.
News timing
U.S. NFP, FOMC, CPI all release 12:30 or 18:00 UTC — inside the NY session. ECB decisions hit 11:45 UTC, inside London. Plan your trading day around the calendar, not the other way around.
