The forex market, also known as the foreign exchange market, is a decentralized financial market where currencies are traded globally. It is the largest and most liquid market in the world, with an estimated daily trading volume of over $5 trillion. The forex market is open 24 hours a day, five days a week, but it closes on weekends. However, the exact time the forex market opens on Sunday PST depends on several factors.
Forex Trading Sessions
The forex market is divided into three main trading sessions: the Asian session, the European session, and the North American session. Each session has its own unique characteristics, and traders are advised to trade during the most active hours of each session. The Asian session is the first to open, followed by the European session and then the North American session.
Asian Session
The Asian session is also known as the Tokyo session, and it starts at 7:00 PM EST and ends at 4:00 AM EST. The Asian session is known to be the least volatile session, with low trading volumes. The major currencies traded during the Asian session are the Japanese yen, the Australian dollar, and the New Zealand dollar. The Asian session is also affected by economic data releases from Japan, China, and other Asian countries.
European Session
The European session is also known as the London session, and it starts at 3:00 AM EST and ends at 12:00 PM EST. The European session is known to be the most volatile session, with high trading volumes. The major currencies traded during the European session are the euro, the British pound, and the Swiss franc. The European session is also affected by economic data releases from the Eurozone countries and the UK.
North American Session
The North American session is also known as the New York session, and it starts at 8:00 AM EST and ends at 5:00 PM EST. The North American session is known to be the second most volatile session, with high trading volumes. The major currencies traded during the North American session are the US dollar and the Canadian dollar. The North American session is also affected by economic data releases from the US and Canada.
Forex Market Hours
The forex market is open 24 hours a day, five days a week, but it closes on weekends. The exact time the forex market opens on Sunday PST depends on the time zone of the broker. Most forex brokers use either GMT or New York time as their standard time zone. Therefore, the forex market opens on Sunday PST at different times depending on the broker’s time zone.
For example, if a forex broker uses GMT as its standard time zone, the forex market will open on Sunday PST at 2:00 PM GMT (6:00 AM PST). However, if a forex broker uses New York time as its standard time zone, the forex market will open on Sunday PST at 5:00 PM EST (2:00 PM PST).
It is important to note that during the weekend, the forex market is closed, and trading is not possible. However, some brokers offer weekend trading on certain currency pairs, but the liquidity and trading volumes are significantly lower than during the regular trading hours.
Conclusion
In summary, the forex market is open 24 hours a day, five days a week, but it closes on weekends. The exact time the forex market opens on Sunday PST depends on the broker’s time zone. Traders are advised to trade during the most active hours of each trading session and to be aware of the economic data releases that could affect the currency pairs they are trading.
