Market sessions and the economic calendar
By Forexuro Desk. Education, not financial advice. All guides
The forex market is open around the clock on weekdays, but it is not equally active all day. Knowing when each session runs, and when major economic data is released, helps you understand why the market is quiet one hour and fast the next.
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The four main trading sessions
Trading passes around the world with the business day. The table shows approximate session hours in UTC. Exact times differ between sources and shift by one hour when daylight saving time starts or ends, and the UK, US and Australia change their clocks on different dates.
| Session | Approximate hours (UTC) | Often most active |
|---|---|---|
| Sydney | 21:00 to 06:00 (22:00 to 07:00 in the northern winter) | AUD and NZD pairs |
| Tokyo | 00:00 to 09:00 | JPY, AUD and NZD pairs |
| London | 07:00 to 16:00 in UK summer, 08:00 to 17:00 in UK winter | EUR, GBP and CHF pairs, gold |
| New York | 12:00 to 21:00 in US summer, 13:00 to 22:00 in US winter | USD and CAD pairs, gold |
Our market sessions clock shows which sessions are open right now in your own time zone, so you do not need to convert by hand.
Why overlaps matter
When two major centres are open at once, more banks, funds and traders are active. Liquidity rises, spreads on the major pairs are often at their tightest, and price tends to move more. The London and New York overlap, roughly four hours each weekday, is usually the busiest period of the day for EUR/USD, GBP/USD and gold. Our guide to London and New York sessions looks at this window in detail.
The quietest stretch is usually the late New York afternoon into the early Asian session. Spreads can widen then, and thin liquidity can produce sudden jumps.
What the economic calendar is
An economic calendar lists scheduled data releases and central bank events, with the time, the country, the previous figure and the forecast. Most calendars also rate each event by expected market impact. Many brokers and financial news sites publish one for free.
Markets move on the difference between the actual figure and what was expected. A strong number that was already expected may barely move the price, while a surprise in either direction can move it sharply.
High impact releases to know
| Release | Why it matters | Guide |
|---|---|---|
| Central bank rate decisions | Directly set the price of money and shape expectations. | Rate decisions |
| Inflation (CPI, PPI) | Drive expectations for future rate moves. | Inflation data |
| US nonfarm payrolls | A key read on the US economy, usually released on the first Friday of the month. | Payrolls |
| GDP | The broadest measure of growth, though often anticipated by earlier data. | |
| PMI surveys | Early signs of business conditions, released near the start of each month. |
How to use the calendar in practice
- At the start of each week, note the high impact events for the currencies you trade.
- Before each trading session, check what is due in the next few hours.
- Decide in advance whether you will avoid opening trades shortly before a major release.
- Expect wider spreads and faster moves around the release time, and remember that stops can be filled at worse prices in fast markets.
- After the release, give the market a few minutes to settle before judging the reaction.
Putting sessions and calendar together
A simple routine: know which session you will trade, check the calendar for that window, and prepare for the events rather than being surprised by them. Combined with sound risk management, this removes many avoidable losses. Our guide to building a daily routine shows how to fit it into your day.
Frequently asked questions
When is the forex market most active?
Usually during the London and New York overlap, when both centres are open. Liquidity is high and spreads on major pairs are often tightest.
What is a high impact event?
A scheduled release or central bank event that has historically caused large moves, such as rate decisions, inflation data or US payrolls.
Should I trade during news releases?
That is a personal decision. Spreads often widen and prices can move sharply around releases, so many traders avoid opening new positions just before them.
Related: how interest rates affect currencies explains why central bank decisions move markets so much.
Related reads
Next guide: Gold (XAUUSD) market basics
What moves gold, why it behaves differently from currencies and when it is most active.
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