The foreign exchange (forex) market is a decentralized global market where currencies are traded 24 hours a day, five days a week. Due to the different time zones, the forex market is always open somewhere in the world. However, there are certain times when the market is more active and volatile than others. In this article, we will explore what forex market is open at 12:00 am PST.
First, let’s understand the concept of time zones. The world is divided into 24 different time zones, each of which is approximately one hour ahead or behind the next. Pacific Standard Time (PST) is one of the time zones in North America, and it is eight hours behind Coordinated Universal Time (UTC-8).
When it’s 12:00 am PST, it means that it’s 8:00 am GMT (Greenwich Mean Time), which is the standard time zone used in the forex market. At this time, the forex market is just opening in Australia and New Zealand, which are the first major financial centers to start trading for the day.
The Australian forex market is the first to open at 5:00 pm EST on Sunday, which is 2:00 pm PST. This market is relatively small compared to other major financial centers, but it is still an important market for traders. The Australian dollar (AUD) is one of the major currencies traded in this market, and its movements can have a significant impact on other currencies.
The New Zealand forex market opens an hour later at 6:00 pm EST, which is 3:00 pm PST. This market is even smaller than the Australian market, but it is still an important market for traders. The New Zealand dollar (NZD) is a commodity currency, which means that its value is closely tied to the prices of commodities such as gold and oil.
After the Australian and New Zealand markets open, the Tokyo market opens at 7:00 pm EST, which is 4:00 pm PST. The Tokyo market is the largest forex market in Asia and the second-largest in the world after London. The Japanese yen (JPY) is one of the major currencies traded in this market, and its movements can have a significant impact on other currencies.
At 8:00 pm EST, the Hong Kong and Singapore markets open, which are also important financial centers in Asia. The Hong Kong dollar (HKD) and Singapore dollar (SGD) are two of the major currencies traded in these markets.
At 9:00 pm EST, the European markets start to open, which is when the forex market becomes more active and volatile. The London market is the largest forex market in the world, accounting for approximately 34% of all forex transactions. The euro (EUR) and British pound (GBP) are two of the major currencies traded in this market.
Finally, at 5:00 am EST, the New York market opens, which is the largest forex market in North America. The US dollar (USD) is the most traded currency in the world, and its movements can have a significant impact on other currencies.
In conclusion, when it’s 12:00 am PST, the forex market is just opening in Australia and New Zealand. These markets are relatively small compared to other major financial centers, but they are still important markets for traders. As the day progresses, the forex market becomes more active and volatile, with the London and New York markets being the most important ones. Therefore, traders need to be aware of the different time zones and market openings to take advantage of the best trading opportunities.
