This stands for Coordinated Universal Time and aligned with what used to be GMT, or Greenwich Mean Time. You’ll also see the ‘UTC’ timezone mentioned when forex is discussed. Find out more about the forex market hours. EST refers to the time zone that is occupied by cities including New York, Boston, Atlanta, Orlando in the US, and Ottawa in Canada (to name a few). The official hours are from 5 pm EST on Sunday until 4 pm EST on Friday. Forex traders are opening these position from home, or anywhere in the world, by using a forex trading account.įorex markets are open 24 hours a day, five days a week. The only thing is, when you trade on the forex market, you are making a similar transaction without the need of travelling.
This is an example of a real-world use case. You have made a profit because of the change in the value of each currency. Now, your $96.15 Australian dollars will buy $105.76 Singapore dollars. The Singapore dollar has increased in value. On the way home, you can change it back into Singapore dollars. Now let’s say you stay in Australia for a week but don’t spend any of the cash you brought with you. Therefore, you spend 100 Singapore dollars to buy $96.15 Australian dollars. The exchange rate at the time is $1 AUD = $ 1.04 SGD.
So that you can spend local money when you arrive, you convert some Singapore dollars (SGD) into Australian (AUD) dollars. Let’s say you are planning to travel from Singapore to Australia. Here’s an example of a forex trade with the AUD/SGD currency pair: In the forex market, traders buy and sell ‘currency pairs’ based on the value they have against each other. Instead, it’s a decentralised global network that operates 24 hours a day, five days a week. The forex trading market is not a physical marketplace.
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