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Okt 09, 2026
13 min read
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The Forex market opens from early Monday morning until early Saturday morning Thai time (UTC+7), continuously without a lunch break. However, there is no fixed opening and closing time throughout the year because the times in New York, London, and Sydney shift according to each country's daylight saving adjustments, while Thailand never adjusts.
This article explains what time the market opens and closes, when the 4 main sessions operate according to Thai time, when sessions overlap, why times shift twice a year, and why trading volumes vary throughout the day, along with tables calculated from the 2026 time change rules and actual change dates.
The Forex market operates continuously 24 hours a day, 5 trading days a week. The week starts on Sunday evening New York time, which corresponds to early Monday morning Thai time (around 04:00 to 05:00), and closes on Friday at 17:00 New York time, which corresponds to early Saturday morning Thai time (around 04:00 to 05:00). The exact time depends on whether New York is observing Daylight Saving Time.
For example, OANDA broker's hours of operation page states that trading is available from 17:00 on Sunday to 17:00 on Friday New York time, with Forex instruments reopening at 17:05 on Sunday and closing at 16:59 on Friday (OANDA Hours of Operation). These times are specific to this broker; each broker and platform sets its own times, so you should check the schedule of your chosen broker.
The method for converting times used in this article, for self-verification, is as follows: 17:00 New York during Daylight Saving Time (EDT, UTC-4) equals 21:00 UTC, plus 7 hours, which is 04:00 Thai time. For Standard Time (EST, UTC-5), it equals 22:00 UTC, or 05:00 Thai time.
Forex is not traded through a single central exchange like stock markets, but rather as an over-the-counter (OTC) market where banks and currency traders worldwide trade directly with each other. A survey by the Bank for International Settlements (BIS) indicates that the average daily FX trading volume was approximately 9.6 trillion US dollars in April 2025, an increase of 28% from the 2022 survey, with the US dollar on one side of 89% of transactions (BIS Press Release, September 30, 2025).
As there is no central exchange, no one officially announces opening and closing times. The Reserve Bank of Australia (RBA) stated in an FX market analysis article that this market has no official opening and closing times; the times used are merely approximations (RBA Bulletin December 2007). Therefore, the schedules seen on various websites are commonly accepted conventions, not rules, which explains why different websites might show times varying by an hour.
The market rotates with the sun. When one financial center closes, another in the next time zone begins, allowing continuous operation throughout the trading day. By Friday evening, when New York, the last major center, closes, no other center remains open until the next week begins.
A session is the period during which each financial center operates. The four commonly referred to are Sydney, Tokyo, London, and New York. The table below uses the popular convention of starting at 08:00 local time for Sydney, London, and New York, and 09:00 for Tokyo, operating for 9 hours, then converted to Thai time.
| Session | Conventional Local Time | Thai Time During US & Europe Daylight Saving Time (approx. late Mar to late Oct) | Thai Time During US & Europe Standard Time (approx. early Nov to early Mar) |
|---|---|---|---|
| Sydney | 08:00 to 17:00 | 05:00 to 14:00 | 04:00 to 13:00 |
| Tokyo | 09:00 to 18:00 | 07:00 to 16:00 | 07:00 to 16:00 |
| London | 08:00 to 17:00 | 14:00 to 23:00 | 15:00 to 00:00 |
| New York | 08:00 to 17:00 | 19:00 to 04:00 (the next day) | 20:00 to 05:00 (the next day) |
The calculation method simply involves adding and subtracting time. For example, London during Daylight Saving Time at 08:00 local time equals 07:00 UTC, plus 7 hours, which is 14:00 Thai time. For New York during Daylight Saving Time at 08:00, it equals 12:00 UTC, or 19:00 Thai time.
Notice the Sydney column: the numbers shift in the opposite direction to London and New York because the Southern Hemisphere changes time opposite to the Northern Hemisphere. During the period when Europe and the US observe Daylight Saving Time, Australia is in winter and uses Standard Time. Tokyo does not change because Japan does not observe Daylight Saving Time (Wikipedia, Time in Japan), and Thailand also does not, using UTC+7 all year round (Wikipedia, Time in Thailand).
Each market operates for 9 hours, so there are periods in a day when two centers are open simultaneously. The table below is calculated from the table above.
| Overlap Period | Thai Time During US & Europe Daylight Saving Time | Thai Time During Standard Time |
|---|---|---|
| Sydney and Tokyo | 07:00 to 14:00 (7 hours) | 07:00 to 13:00 (6 hours) |
| Tokyo and London | 14:00 to 16:00 (2 hours) | 15:00 to 16:00 (1 hour) |
| London and New York | 19:00 to 23:00 (4 hours) | 20:00 to 00:00 (4 hours) |
The London and New York overlap is when two major financial centers are open simultaneously, corresponding to evening until late night for people in Thailand. According to BIS data, the United Kingdom is the world's largest FX trading location, accounting for 38% of the total volume, and the United Kingdom, United States, Singapore, and Hong Kong combined account for 75% (BIS Press Release, September 30, 2025).
Thai time remains constant, but the times in the United Kingdom, United States, and Australia shift with Daylight Saving Time, causing the figures in the tables to change twice a year. These countries also do not change on the same day. The table below summarizes the 2026 time change dates from official sources.
| Country | Rule | Actual Change Date | Source |
|---|---|---|---|
| United Kingdom | Clocks move forward 1 hour on the last Sunday of March, move back on the last Sunday of October | March 29 and October 25, 2026 | GOV.UK |
| United States | Starts on the second Sunday of March, ends on the first Sunday of November | March 8 and November 1, 2026 | NIST |
| Australia (New South Wales, where Sydney is located) | Starts on the first Sunday of October, ends on the first Sunday of April | October 4, 2026 and April 4, 2027 | NSW Government |
Because the changeover dates do not align, there are weeks when the regular schedule is not applicable. In 2026, the US begins Daylight Saving Time on March 8, but the UK begins on March 29. During those 3 weeks, New York opens at 19:00 Thai time (already on Daylight Saving Time), while London still opens from 15:00 to 00:00 (still on Standard Time). The overlap period is therefore 19:00 to 00:00, lasting 5 hours, instead of the usual 4 hours. The situation repeats at the end of the year: the UK reverts to Standard Time on October 25, but the US remains on Daylight Saving Time until November 1. During those 7 days, the overlap period is also 19:00 to 00:00.
Another example is Sydney, which switches to Daylight Saving Time from October 4, 2026, thus opening at 04:00 Thai time, while London and New York remain on Northern Hemisphere Daylight Saving Time until October 25 and November 1, respectively. Those using the old schedule might therefore see Sydney opening 1 hour earlier than they remember.
Some brokers also state that opening and closing times may change during Daylight Saving Time and certain holidays (OANDA Hours of Operation). Furthermore, the server time on trading platforms is another time set by the broker themselves, so it should not be confused with the local time of the financial center cities.
The market is open all day, but trading volumes are not equal every hour. The RBA analyzed spot trading data on electronic brokerage systems from June to September 2007 and found that turnover was highest during offshore sessions, especially when London and New York were simultaneously open. Volatility was also highest during the same period, and high volatility often correlates with high trading volume and a more liquid market (RBA Bulletin December 2007). This study is old and based primarily on AUD currency pairs, but the trend aligns with more recent data.
OANDA's 2024 data indicates that the London and New York overlap accounts for approximately 19% of the day but contributes 37% of the average daily trading volume. For JPY-related currency pairs, about one-third of USD/JPY volume occurs during the Tokyo session (OANDA, Best Time to Trade Forex). These figures are from a single company and specific to 2024, used to illustrate a trend, not as constant values.
Spreads require special attention. Verifiable sources do not measure hourly spreads. What brokers themselves state on their hours of operation page is that spreads often widen before the market closes, which can lead to orders being triggered or positions being closed due to insufficient margin (OANDA Hours of Operation). The mechanism that causes spreads to widen more than usual when liquidity is thin is explained in What is Spread and How Does it Differ from Commission?, and gold spreads, which are often wider than Forex spreads, are covered in What is Gold Spread and Why is it Wider Than Forex Spreads?
Two points should be clearly distinguished: high trading volume means there are many counterparties, not that trading becomes easier or more profitable. Increased volatility during overlapping sessions can increase both opportunities and the risk of losses. Traders should choose trading times based on when they can actually monitor the market and their acceptable risk level, not solely because of high volume during that period.
While the market is closed from early Saturday morning until early Monday morning Thai time, news and events can still occur, but prices do not move. When the market reopens, the first price may be significantly different from Friday's closing price, known as a Gap. The broker mentioned above warns that market prices may change or jump significantly when the market reopens, and Stop Loss orders may be filled at a worse price than set (OANDA Hours of Operation).
The effect of a Gap on Stop Loss aligns with the Slippage mechanism explained in What is Slippage and Why is the Executed Price Different from the Ordered Price? The differences between Stop, Limit, and Market orders can be found in How Many Types of Forex Orders Are There? How Do Market, Limit, and Stop Differ? And for Trailing Stop, which on some platforms requires the program to be left open, see What is Trailing Stop, How to Set It, and How Does It Differ from Stop Loss?
Those holding positions overnight or over the weekend may also encounter swap fees, which are explained in What is a Swap Fee? How to Calculate Overnight Forex Swap Fees.
Please note: Forex trading is not yet licensed or regulated by any agency in Thailand. The Bank of Thailand does not have a policy to issue Forex business licenses to retail investors (Reference: Thai PBS), and Thailand's SEC Office itself confirms that the Forex business is not under the supervision of the SEC but rather under currency exchange control laws (Reference: The Standard).
This article is provided for general knowledge only, not as personal investment advice, and does not guarantee any returns. Traders should conduct further research and assess risks independently before making decisions.
Does the Forex market open on Sunday?
Yes, according to New York time, it starts on Sunday evening. However, according to Thai time, it's early Monday morning (around 04:00 to 05:00). Therefore, on the Thai calendar, there is no trading on Sunday. For the actual time a broker's platform accepts orders, refer to that broker's schedule.
When does the Forex market close?
It closes during the weekend, from early Saturday morning until early Monday morning Thai time. Additionally, operating hours may change on certain public holidays, as specified by the broker on their hours of operation page (OANDA Hours of Operation).
Which period has the highest trading volume?
According to RBA research and OANDA data, the period when London and New York are simultaneously open, which corresponds to 19:00 to 23:00 or 20:00 to 00:00 Thai time, depending on the season. High volume does not guarantee favorable trading outcomes.
Why do market opening times change seasonally?
Because the United Kingdom, United States, and Australia adjust their clocks for Daylight Saving Time once a year, while Thailand does not. Therefore, the times in the schedule shift by 1 hour and on different dates, causing some weeks to not align with the normal schedule.
When to trade gold (XAU/USD)?
Gold trading hours depend on the instrument and individual broker, and do not necessarily align with currency pair times. You should check the schedule of your chosen broker. For gold spread costs, see What is Gold Spread and Why is it Wider Than Forex Spreads?
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