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| Session | Opens | Closes | Now |
|---|---|---|---|
| Sydney | 01:00 | 10:00 | — |
| Tokyo | 05:00 | 14:00 | — |
| London | 13:00 | 22:00 | — |
| New York | 18:00 | 03:00 (+1) | — |
Usual session hours in each city's local time: Sydney 07–16, Tokyo 09–18, London 08–17, New York 08–17, Monday to Friday. Daylight-saving changes are applied for the chosen date; (+1) means the next day. Broker trading hours and holidays can differ.
What a session overlap is
The forex market has no single exchange. Banks, funds and brokers trade currencies over the counter, so activity follows business hours in the main financial centres. Traders group these hours into the Sydney, Tokyo, London and New York sessions. For the basics, see Trading sessions.
A session overlap is a period when two centres are open at the same time. More participants are active, so more orders meet. That usually means more trading volume and, often, tighter spreads on the main pairs.
The tool above shows each session in your time zone and accounts for daylight saving. Every time mentioned on this page comes from that tool. We do not quote fixed clock times here because they move during the year.
The London–New York overlap
The London–New York overlap starts when New York opens and ends when London closes. For many pairs, this is usually the most active stretch of the trading day.
Why it tends to be busy:
- London is the largest forex centre by turnover, and New York is the second-largest. Both are active at once.
- Major US economic releases often come out during this window. Prices can move sharply right after them.
- EUR/USD, GBP/USD, USD/CHF, USD/CAD and gold (XAUUSD) usually see deep liquidity during these hours.
High activity cuts both ways. Price can move further and faster than at quiet times. That brings more slippage around news, and losses grow quickly on a leveraged position.
The Tokyo–London overlap
The Tokyo–London overlap runs from the London open until Tokyo closes. It is usually shorter and calmer than the London–New York overlap.
Pairs that often get more active during this window include USD/JPY, EUR/JPY and GBP/JPY, along with European pairs as London traders arrive. The London open itself is often a point where the day's price range starts to widen.
The Sydney–Tokyo overlap also exists. It is generally the quietest of the overlaps for most major pairs, apart from AUD, NZD and JPY pairs.
Local time table
The table lists the sessions involved in each overlap. To get exact times, open the session tool with these inputs: time zone Asia/Karachi (PKT), and date the day you plan to look at the market. Read the start and end of each overlap from the tool's output.
| Overlap | Sessions open together | Where to read the time | Usual activity |
|---|---|---|---|
| Sydney–Tokyo | Sydney and Tokyo | Session tool, Asia/Karachi | Lower for most majors |
| Tokyo–London | Tokyo and London | Session tool, Asia/Karachi | Moderate, rises at the London open |
| London–New York | London and New York | Session tool, Asia/Karachi | Usually the highest of the day |
Change the date in the tool to compare months. Times in Pakistan time shift when the UK, US or Australia change their clocks.
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Volume and spread patterns
A spread is the gap between the bid and ask price. See What is spread and Fixed vs floating spread.
Patterns that are common, but not guaranteed:
- Overlaps: more liquidity usually means narrower floating spreads on major pairs.
- News releases: spreads can widen for a short time just before and after a release, even inside an overlap.
- End of the New York session: liquidity drops around rollover, and spreads often widen.
- Holidays: activity can be thin even during normal overlap hours. See Weekends and holidays.
Your broker's platform runs on server time, which may differ from your local time. To find an instrument's actual trading hours and spreads, check the contract specifications on the platform or the broker's official site.
Precise definitions for experienced traders
- Session: a conventional window of interbank activity centred on one city's business hours. It is not an official exchange schedule, and different sources draw the edges slightly differently.
- Overlap: the period when two session windows are open at the same time. Its length changes when only one of the two regions has switched to daylight saving.
- Volume: in OTC forex there is no central volume figure. Platform "volume" is usually tick volume, meaning the number of price changes. It is only a rough guide to activity.
- Volatility: the size of price moves over a period. It often rises at session opens and during overlaps. See Volatility.
Risk note
Overlaps describe when markets are busy, not which direction prices will move. Leveraged CFD and forex trading can lose money fast, and faster markets can make losses larger. Read Risk management before trading live.
For Pakistani residents, per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)). See Law and regulators.
Frequent questions
What are the most active forex hours?
For most major pairs, the most active hours are usually during the London–New York overlap. Use the session tool with your time zone to see when it falls.
Is there a best time to trade forex?
No single time suits everyone. Busy hours bring tighter spreads and larger moves. Quiet hours bring smaller moves and sometimes wider spreads. Which conditions suit you depends on your method and how much risk you can accept.
Why do overlap times change during the year?
The UK, the US and Australia change their clocks on different dates. The session tool applies these changes automatically.
Are spreads always lower during overlaps?
No. They are often lower, but they can widen sharply around news releases and on holidays.
Does gold follow the same overlap pattern?
XAUUSD is often most active during the London–New York overlap. See Gold for more.