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The foreign exchange market, commonly known as forex, is the largest and most liquid financial market in the world. With an average daily trading volume of over $5 trillion, it is a hub of activity for traders, investors, and institutions from all around the globe. However, unlike other financial markets, the forex market never sleeps. It operates 24 hours a day, 5 days a week, opening on Sunday at 5 PM EST and closing on Friday at 4 PM EST. But have you ever wondered why the forex market opens on Sunday? What is the significance of this timing? In this article, we will delve into the mysteries surrounding the forex market open time on Sunday and uncover the secrets behind it.
The Legend of the Seven-Day Market
There is an ancient legend that dates back to the 18th century, which explains the reason behind the forex market opening on Sunday. According to this legend, there was once a group of wealthy traders who would gather every Sunday in a small town in England to trade goods and currencies. These traders were from different parts of the world and had different time zones. Therefore, they agreed to meet on Sundays as it was the only day when all of them were free from their respective business activities.
As time passed, this Sunday market became increasingly popular, and more traders started to join in. It eventually became known as the "Seven-Day Market" because it was open every day of the week. However, as the market grew in size and importance, it became difficul...
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t for the traders to meet physically every Sunday. Thus, they decided to divide the market into different sessions, with each session being open for a specific period of time. This marked the birth of the modern-day forex market, with the Sunday session being the first one to open.
The Time Zone Factor
While the legend of the Seven-Day Market is a fascinating explanation, the real reason behind the forex market opening on Sunday lies in the time zone factor. Unlike other financial markets that have a fixed opening and closing time, the forex market operates 24 hours a day. This is because the market is global and involves currencies from different countries, each with its own time zone.
The forex market is divided into four major trading sessions: the Sydney session, the Tokyo session, the London session, and the New York session. These sessions overlap at certain times, creating a continuous cycle of trading activity. The Sunday session, also known as the Sydney session, starts at 5 PM EST and ends at 2 AM EST. This session marks the beginning of a new trading week and is typically the quietest session, with lower volumes and volatility compared to the other sessions.
The Importance of Sunday Open
The forex market opening on Sunday has great significance for traders and investors. It marks the start of a new trading week and sets the tone for the rest of the week. Traders use this time to analyze the market, review past events, and plan their trading strategies for the...
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