The foreign exchange market, commonly known as the forex market, is a decentralized market that operates 24 hours a day, 5 days a week. It is the largest financial market in the world, with an average daily trading volume of over $5 trillion. The forex market is open for trading in different time zones across the world, with the New York session being one of the most active sessions.
The New York session starts at 8:00 AM EST and closes at 5:00 PM EST. This session overlaps with the London session, which makes it the most active trading time in the forex market. During this session, the market is most liquid, and traders can take advantage of the volatility to make profits.
Several forex pairs move significantly during the New York session. The movement of forex pairs is influenced by several factors, including economic data releases, geopolitical events, and central bank announcements. The following are the forex pairs that move most during the New York session:
1. EUR/USD
The EUR/USD is the most traded forex pair in the world, accounting for around 30% of the total daily trading volume. The EUR/USD is highly volatile during the New York session, with the movement being influenced by economic data releases from the Eurozone and the United States. Traders should keep an eye on the release of economic data like the Non-Farm Payrolls, Consumer Price Index, and Gross Domestic Product, as they tend to cause significant moves in the EUR/USD.
2. USD/JPY
The USD/JPY is another highly traded forex pair during the New York session. The movement of the USD/JPY is influenced by economic data releases from Japan and the United States. Traders should pay attention to data releases like the Tankan survey, Gross Domestic Product, and Non-Farm Payrolls, as they tend to cause significant moves in the USD/JPY.
3. GBP/USD
The GBP/USD is also highly volatile during the New York session. The movement of the GBP/USD is influenced by economic data releases from the United Kingdom and the United States. Traders should pay attention to data releases like the Gross Domestic Product, Consumer Price Index, and Retail Sales, as they tend to cause significant moves in the GBP/USD.
4. USD/CHF
The USD/CHF is another forex pair that moves significantly during the New York session. The movement of the USD/CHF is influenced by economic data releases from Switzerland and the United States. Traders should pay attention to data releases like the Swiss National Bank Interest Rate Decision, Gross Domestic Product, and Non-Farm Payrolls, as they tend to cause significant moves in the USD/CHF.
5. AUD/USD
The AUD/USD is highly volatile during the New York session, with the movement being influenced by economic data releases from Australia and the United States. Traders should pay attention to data releases like the Gross Domestic Product, Consumer Price Index, and Employment Change, as they tend to cause significant moves in the AUD/USD.
In conclusion, the New York session is the most active trading time in the forex market, with several forex pairs moving significantly. Traders should pay attention to economic data releases, geopolitical events, and central bank announcements, as they tend to cause significant moves in forex pairs. The forex pairs that move most during the New York session are the EUR/USD, USD/JPY, GBP/USD, USD/CHF, and AUD/USD. Traders should keep an eye on these forex pairs during the New York session to take advantage of the volatility and make profits.
