When is the Forex market open?

Trading runs 24 hours a day on weekdays across four main sessions — Sydney, Tokyo, London and New York. The London and New York overlap is usually the most active period.

What moves currency prices?

Interest rate decisions, inflation and employment data, growth figures, central bank policy, geopolitical events, market sentiment and liquidity conditions.

What is liquidity in Forex?

Liquidity is how much can be traded without moving the price. Major pairs are highly liquid with narrow spreads; minor pairs and quiet sessions are thinner, with wider spreads and more slippage.

How do I access the Forex market?

Through a broker account that holds your funds and executes orders, and a trading platform such as TM9 for analysing the market and sending those orders.

Forex

Forex Market
Guide.

TM9 is a next-generation trading mobile app for operations in the Forex and exchange markets — this page covers the market those operations run in.

Currency pairs, participants, sessions, liquidity, volatility, economic events, analysis and access — the eight things worth understanding before you trade.

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The Forex market, also known as the foreign exchange market or FX market, is the global marketplace for exchanging currencies.

Unlike a single physical exchange, Forex trading takes place through a global network of financial institutions, liquidity providers, brokers and other market participants. Individual traders normally access Forex through a broker-connected trading platform.

TM9 provides trading software that connects traders to supported brokers and provides market data, charts and trading tools across supported environments.

What Is the Forex Market?

Forex stands for foreign exchange. The Forex market is where one currency is exchanged for another.

Currency values are represented through currency pairs. For example, EUR/USD represents the relationship between the euro and the US dollar.

Base Currency: The first currency in a currency pair.

Quote Currency: The second currency in a currency pair.

Exchange Rate: The quoted value represents how much of the quote currency is required for one unit of the base currency.

Forex prices change continuously during active market periods as supply, demand, economic information, interest-rate expectations, market sentiment and other factors change.

How Does the Forex Market Work?

Forex trading is based on the relative value of two currencies. When a trader buys a currency pair, the position represents an expectation about the relative movement of the base currency against the quote currency.

When a trader sells a currency pair, the position generally represents the opposite market view.

Example: EUR/USD

Suppose EUR/USD is quoted at 1.1000. This means one euro is quoted at 1.1000 US dollars at that particular market price.

If the quoted price rises, the euro has increased in value relative to the US dollar at that quoted rate. If the quoted price falls, the euro has decreased relative to the US dollar.

A trader's actual result also depends on entry and exit prices, position size, spread, commission, financing and execution.

Who Participates in the Forex Market?

The Forex ecosystem contains many different types of participants.

Central Banks

Central banks influence currency markets through monetary policy, interest rates, foreign-exchange operations and communication.

Commercial Banks

Banks facilitate currency transactions for customers and participate in financial markets.

Corporations

International companies may exchange currencies to support international business operations and manage currency exposure.

Investment Firms

Investment managers and financial institutions may trade currencies as part of portfolio or risk-management activities.

Brokers

Brokers provide trading accounts and access to financial markets according to their business model and regulatory framework.

Individual Traders

Retail traders use broker-connected trading platforms to analyse markets and place supported orders.

Forex Currency Pairs

Currency pairs are the primary instruments used to represent Forex prices.

Category	General Description	Examples
Major Currency Pairs	Major currencies paired with the US dollar.	EUR/USD, GBP/USD, USD/JPY, USD/CHF, AUD/USD, USD/CAD, NZD/USD
Minor Currency Pairs	Major currencies paired with each other without directly including USD.	EUR/GBP, EUR/JPY, GBP/JPY
Exotic Currency Pairs	A major currency paired with a less frequently traded currency.	USD/TRY, USD/ZAR, EUR/TRY

Spreads, liquidity, volatility and availability can vary significantly between currency pairs and brokers.

Learn more: Forex Currency Pairs .

Major Forex Currency Pairs

Major currency pairs are commonly traded Forex pairs involving the US dollar and another major currency.

Pair	Currencies	General Market Context
EUR/USD	Euro / US Dollar	Eurozone and US economic conditions.
GBP/USD	British Pound / US Dollar	UK and US economic conditions.
USD/JPY	US Dollar / Japanese Yen	US and Japanese monetary and economic conditions.
USD/CHF	US Dollar / Swiss Franc	US and Swiss economic conditions.
AUD/USD	Australian Dollar / US Dollar	Australian and US economic conditions.
USD/CAD	US Dollar / Canadian Dollar	US and Canadian economic conditions.
NZD/USD	New Zealand Dollar / US Dollar	New Zealand and US economic conditions.

Forex Market Trading Sessions

Forex market activity is commonly described through regional sessions associated with major financial centres.

Asian Session

The Asian trading period includes major financial centres such as Tokyo, Sydney and other regional markets. Activity and liquidity can vary significantly depending on the currency pair.

London Session

The European trading period is an important period for global currency activity, with London being one of the major global financial centres.

New York Session

The North American trading period brings activity from the US and surrounding financial markets.

Session times vary with daylight-saving changes and local time conventions. Traders should check their broker's current market schedule rather than relying on a fixed UTC conversion.

Forex Market Overlaps

When major regional trading centres are simultaneously active, market activity can change.

For example, periods when European and North American markets are both active can provide significant participation in many major currency pairs.

However, higher activity does not automatically mean lower risk. Increased activity can also accompany rapid price movements and changing spreads.

Is the Forex Market Open 24 Hours?

Forex is commonly described as a market operating around the clock during the global business week because trading activity moves between international financial centres.

However, this does not mean every currency pair or broker is continuously available every minute.

Brokers may have daily breaks, weekend closures, holiday schedules and instrument-specific trading hours.

Important: Always check the trading schedule provided by your broker for the specific instrument you want to trade.

Forex Market Liquidity

Liquidity refers broadly to the availability of buyers and sellers and the ability to execute transactions without causing a large price impact.

Factors That Can Affect Liquidity

Currency pair.
Time of day.
Market session.
Economic announcements.
Holiday periods.
Market stress.
Broker and liquidity-provider arrangements.

Liquidity can change quickly. A currency pair that normally has active trading conditions may experience different conditions during major economic events or unusual market periods.

Forex Market Volatility

Volatility describes the magnitude and speed of price movements.

Forex volatility can increase around important economic releases, central-bank decisions, geopolitical developments and unexpected market events.

Low Volatility

Price movements may be relatively limited during a particular period.

Normal Volatility

Prices move within ranges that may be consistent with recent market conditions.

High Volatility

Prices may move rapidly and spreads or execution conditions can change.

Traders should consider volatility when selecting position size, stop-loss distance and trading strategy.

What Moves the Forex Market?

Currency prices can respond to many interacting factors.

Factor	Possible Market Relevance
Interest Rates	Changes in interest-rate expectations can influence currency valuations and capital flows.
Inflation	Inflation data can influence monetary-policy expectations.
Employment Data	Employment conditions can influence expectations about economic growth and monetary policy.
GDP and Economic Growth	Economic growth data can affect market expectations about an economy.
Central-Bank Communication	Statements and policy guidance can change market expectations.
Geopolitical Events	Political developments and geopolitical risks can affect market sentiment and currency demand.
Market Sentiment	Investor positioning and risk appetite can influence currency flows.

Forex Market and Economic Data

Economic calendars are widely used by Forex traders to identify scheduled events that may affect currencies.

Common Economic Events

Central-bank interest-rate decisions.
Inflation releases.
Employment reports.
GDP releases.
Retail sales data.
Manufacturing and services indicators.
Central-bank speeches.

An economic release can cause rapid price movements, especially when the published result differs significantly from market expectations.

Explore: Forex Economic Calendar .

Forex Market Technical Analysis

Technical analysis uses market price and related data to study trends, momentum, volatility and price structure.

Price Charts

Visualise historical and current price behaviour across different timeframes.

Support and Resistance

Identify areas where price has previously encountered buying or selling pressure.

Trend Analysis

Study whether the market is moving upward, downward or sideways.

Momentum

Examine the strength and speed of price movement.

Volatility

Study the size and frequency of market price movements.

Indicators

Apply mathematical calculations to price or other market data as part of analysis.

Technical analysis provides information for decision-making but cannot guarantee future market direction.

See: Forex Technical Analysis .

Forex Market Fundamental Analysis

Fundamental analysis examines economic, financial and political information that can influence currency values.

Traders may compare economic conditions between countries or regions represented by a currency pair.

For example, monetary-policy expectations in the United States and Eurozone can influence market expectations for EUR/USD.

Fundamental analysis does not provide certainty about future price movements. Market prices incorporate expectations, and actual reactions can differ from forecasts.

Explore: Fundamental Analysis .

Forex Market Price Quotes

Trading platforms generally display bid and ask prices for supported instruments.

Bid Price: The price associated with selling the instrument according to the applicable market quotation.

Ask Price: The price associated with buying the instrument according to the applicable market quotation.

Spread: The difference between the bid and ask prices.

Spreads can vary according to the instrument, broker, account type, liquidity and market conditions.

Forex Market and Leverage

Leverage allows traders to control a larger market position relative to the capital allocated to the position.

While leverage can increase market exposure, it also increases the potential impact of adverse price movements.

Risk: Leverage can magnify losses as well as gains. Traders should understand their broker's leverage and margin requirements before trading.

Learn more: Forex Leverage Guide .

Forex Market Orders

Traders use different order types to interact with the market.

Order	General Purpose
Market Order	Requests execution at the available market price, subject to execution conditions.
Limit Order	Requests execution at a specified price or better according to applicable conditions.
Stop Order	Becomes active after a specified price condition is reached.
Stop-Loss	Used as part of a risk-management plan to limit potential losses.
Take-Profit	Used to define a planned position exit at a specified price condition.

Available order types and execution methods depend on the broker, instrument and trading environment.

See: Forex Orders Guide .

Forex Market Liquidity and Spread

Liquidity and spreads are closely related to the trading conditions experienced by traders.

Highly active markets can sometimes provide tighter spreads, while less liquid periods may produce wider spreads. However, this is not a fixed rule and conditions can change rapidly.

Around major economic events, both liquidity and spreads can behave differently from normal market conditions.

Traders should check actual broker quotations rather than assuming a particular spread.

Forex Market and Trading Volume

Trading activity varies across currency pairs and time periods. Major currency pairs generally attract substantial global participation, while some less frequently traded pairs can have different liquidity characteristics.

Forex is a decentralised market, meaning there is not one central exchange that records all global Forex transactions.

Therefore, data displayed by a particular broker or platform can depend on its liquidity sources and market-data arrangements.

Forex Market and Market Depth

Market Depth can provide additional information about available orders around a current market price where the broker and trading venue supply depth data.

TM9 currently supports an advanced Market Depth feature, with the depth information supplied through the broker's market feed.

Market Depth should not be interpreted as a complete representation of all global Forex liquidity because Forex is decentralised and available depth depends on the relevant venue and feed.

Forex Market Analysis With TM9

TM9 combines market information, charts and analysis tools within its trading environments.

Current TM9 documentation describes technical indicators, price charts, analytical tools and fundamental market information for studying market conditions.

Market Quotes

View available prices for supported financial instruments.

Charts

Study price movement across different timeframes.

Technical Indicators

Apply supported indicators to assist market analysis.

Market Information

Review fundamental information relevant to market conditions.

Alerts

Monitor selected market conditions through supported alerts.

Order Management

Place and manage supported orders through a connected broker account.

Forex Market Access Through TM9

TM9 is a trading software and platform provider rather than a broker. The platform connects to supported brokers, while the specific instruments and trading conditions available to a trader depend on the connected broker.

The current TM9 platform supports Forex alongside other asset classes such as stocks, futures, indices and commodities, subject to broker availability.

TM9: Trading software and platform.

Broker: Provides the trading account and applicable market access and trading conditions.

Trader: Makes the trading and risk-management decisions.

Forex Market on Web, Desktop and Mobile

Traders can monitor supported Forex markets through different trading environments.

Environment	Typical Use
Web Trading	Browser-based market analysis, charts, orders and account management.
Desktop Trading	Larger workspace for detailed chart analysis, trading and supported automation.
Mobile Trading	Market monitoring, alerts, charts and supported trading functions while using a smartphone.

TM9 currently provides web, mobile and desktop environments, with account information and supported trading workflows available across the platform.

Explore: Online Forex Trading , Mobile Forex Trading and Forex Trading Platform .

Forex Market Risk Factors

Forex trading involves multiple sources of risk.

Currency prices can move against a position.
Leverage can increase market exposure.
Spreads can change during volatile conditions.
Market gaps can affect order execution.
Economic events can produce rapid price movements.
Liquidity can change during different market conditions.
Financing and transaction costs can affect results.
Technical systems and internet connectivity can affect access to a trading platform.

Risk management should therefore be considered before entering a position.

See: Forex Risk Management .

Forex Market for Beginners

Beginners should first understand how the Forex market works before attempting to trade it.

Recommended Learning Order

Understand currency pairs.
Learn pips and spreads.
Understand leverage and margin.
Learn how Forex charts work.
Study technical and fundamental analysis.
Learn market and pending orders.
Understand stop-loss and take-profit.
Learn position sizing.
Practise in a demo environment where available.
Understand the broker's trading conditions before using real funds.

Start with: Forex Trading for Beginners .

Forex Market vs Other Financial Markets

Market	Primary Instrument	Important Considerations
Forex	Currency pairs.	Currency relationships, interest rates, economic data, liquidity and global sessions.
Stocks	Company shares.	Company financials, valuation, earnings and market conditions.
Futures	Standardised derivative contracts.	Contract specifications, expiry, margin and underlying market.
Commodities	Physical or derivative exposure to commodities.	Supply, demand, production, inventories and global economic conditions.
Indices	Market or sector benchmarks.	Underlying companies, economic conditions and market sentiment.

TM9 currently presents Forex, stocks and futures within its multi-asset platform, with additional supported instruments depending on the connected broker.

How to Monitor the Forex Market

A structured market-monitoring routine can help traders organise information before making decisions.

1. Check Major Pairs

Review the currency pairs relevant to your trading plan.

2. Review Economic Events

Identify scheduled events that may influence currencies.

3. Check Volatility

Consider whether current market movement matches your trading method.

4. Analyse Charts

Review price structure and relevant technical indicators.

5. Review Existing Exposure

Consider open positions before adding new market exposure.

6. Define Your Plan

Only consider a trade when the market conditions match your predefined rules.

Frequently Asked Questions About the Forex Market

What is the Forex market?

The Forex market is the global marketplace where currencies are exchanged. Currency trading is normally represented through currency pairs such as EUR/USD.

How does the Forex market work?

Forex trading involves exchanging one currency against another. Traders normally access the market through brokers and broker-connected trading platforms.

Who participates in the Forex market?

Participants include central banks, commercial banks, corporations, investment firms, liquidity providers, brokers and individual traders.

What are Forex market sessions?

Forex activity is commonly discussed using Asian, European and North American trading sessions. Exact hours vary according to local time, daylight-saving changes, broker schedules and instruments.

Is the Forex market open 24 hours?

Forex activity moves across global financial centres during the business week, but exact trading hours, breaks and holiday schedules depend on the broker and instrument.

What affects Forex prices?

Currency prices can be influenced by interest rates, inflation, economic data, central-bank policy, geopolitical developments, market sentiment, liquidity and other factors.

What is Forex liquidity?

Liquidity broadly refers to the availability of buyers and sellers and the ability to transact without causing a large price impact. Liquidity changes across instruments and market conditions.

What is Forex volatility?

Volatility describes the magnitude and speed of price movements. Forex volatility can increase around important economic events and unexpected market developments.

Can TM9 access the Forex market?

TM9 provides trading software that connects to supported brokers. Available Forex instruments and trading conditions depend on the connected broker.

Is TM9 a Forex broker?

No. TM9 is trading software and a platform provider. The connected broker provides the trading account and applicable trading conditions.

Related Forex Resources

Explore the Forex Market With TM9

Study Forex prices, charts and market conditions through a broker-connected trading platform across supported web, desktop and mobile environments.

Explore TM9

Risk Disclosure

Forex trading involves substantial financial risk and may result in the loss of capital. Currency prices can move rapidly and market conditions can change without warning.

Leverage can increase both potential gains and potential losses. Spreads, liquidity and execution conditions can change during volatile markets, economic announcements and other events.

Technical analysis, fundamental analysis, indicators, alerts, signals, copy trading and automated trading tools do not guarantee trading profits.

TM9 is trading software and a platform provider, not a broker. The applicable broker determines account terms, spreads, leverage, execution, available instruments and other trading conditions. Review the broker's regulatory information and risk disclosures before depositing funds or trading.

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