Sessions and events

Asian session

The first major window of the trading day, centred on Tokyo and running roughly 00:00 to 09:00 UK time. Ranges are narrower and yen pairs and Australasian currencies are the most active.

Bank holiday

A public holiday in a market's home country. The instrument may open late, close early or not trade at all, and liquidity in related instruments thins even where they stay open.

CPI release

The monthly consumer price index, the headline measure of inflation. It drives interest rate expectations more directly than almost any other release, which is why it moves currencies, metals and index instruments simultaneously.

Economic calendar

A schedule of upcoming data releases with their expected impact, previous readings and forecasts. Checking it before a session is the cheapest risk control available to a trader.

FOMC

The Federal Open Market Committee, the body that sets US interest rates. Its scheduled decision, written statement and press conference move every dollar-denominated market, usually in two distinct waves about half an hour apart.

Interest rate decision

A central bank's scheduled announcement of its policy rate. Rate differentials drive currency valuations, so these decisions and the guidance attached to them are the largest scheduled events in forex.

London session

The European trading window, roughly 08:00 to 16:30 UK time. It is the highest-volume session in forex, and the one where the euro and sterling pairs do most of their daily range.

Market close

The end of a trading session for an instrument. Positions held through a close carry gap risk into the next open, and spreads typically widen into the final minutes as liquidity leaves.

Market open

The moment an instrument begins trading for a session. Opens concentrate order flow that built up while the market was closed, which is why volatility spikes and spreads take time to settle.

New York session

The US trading window, roughly 08:00 to 17:00 Eastern time. Most scheduled US data lands at its start, which makes the first ninety minutes the most volatile stretch of the trading day.

Non-farm payrolls

The monthly US employment report, released on the first Friday of the month at 08:30 Eastern. It is the single most disruptive scheduled release for dollar pairs, gold and US index instruments.

Rollover time

The point in the day when positions are rolled to the next value date and swap is applied. It is also when many platforms reset daily statistics, and spreads often widen briefly around it.

Session overlap

The hours when two trading sessions are open at once. The London-New York overlap, roughly 13:00 to 16:30 UK time, carries the highest volume and the tightest spreads of the day.

Sydney session

The first session to open each week, from around 22:00 UK time on Sunday. Volume is the lowest of the four, and it is where the weekly gap against Friday's close appears.