The London Forex Market, also known as the London Session or the European Session, is one of the most important trading sessions in the forex market. It is the second-largest market in terms of trading volume, after the New York Session. It is responsible for around 30% of the total forex trading volume. As a result, many traders around the world are interested in knowing when the London Forex Market opens.
The London Forex Market opens at 8:00 am GMT (Greenwich Mean Time) and closes at 4:00 pm GMT. However, during the summer months, the market opens one hour earlier due to daylight saving time. Therefore, the market opens at 7:00 am GMT during the summer months.
The London Forex Market is located in the City of London, which is the financial district of London. It is home to some of the largest financial institutions in the world, including banks, hedge funds, and investment firms. The market is primarily focused on trading the British Pound (GBP), the Euro (EUR), and the Swiss Franc (CHF). However, it also trades other currencies, such as the US Dollar (USD), the Japanese Yen (JPY), and the Canadian Dollar (CAD).
The London Forex Market is known for its high liquidity and volatility. This is because it overlaps with the Asian Session and the New York Session, which makes it the busiest trading session of the day. During this session, traders from Europe, Asia, and the Americas are all active, which creates a lot of trading opportunities.
The London Forex Market is also known for its economic news releases. Many important economic indicators are released during the London Session, including the UK Gross Domestic Product (GDP), the Eurozone Consumer Price Index (CPI), and the Swiss National Bank Interest Rate Decision. These news releases can have a significant impact on the forex market, as they provide valuable information about the health of the economies of the countries involved.
Traders who are interested in trading the London Forex Market should be aware of the opening and closing times. They should also be aware of the economic news releases that are scheduled during the session. Traders should also keep an eye on the trading volume and volatility, as this can provide valuable insights into market sentiment.
In conclusion, the London Forex Market is one of the most important trading sessions in the forex market. It opens at 8:00 am GMT and closes at 4:00 pm GMT, and is known for its high liquidity and volatility. Traders who are interested in trading this session should be aware of the opening and closing times, the economic news releases, and the trading volume and volatility. By doing so, they can take advantage of the many trading opportunities that are available during this session.