Trading Hours

 

Trading Hours24 hour market 
Sunday 5pm EST through Friday 4pm EST. 
Trading begins in the Asia-Pacific region followed by the Middle East, Europe, and America

Size

One of the largest financial markets in the world 
$3.2 trillion average daily turnover, equivalent to:
 
More than 10 times the average daily turnover of global equity markets1 
More than 35 times the average daily turnover of the NYSE2 
Nearly $500 a day for every man, woman, and child on earth3 
An annual turnover more than 10 times world GDP4

The spot market accounts for just under one-third of daily turnover

1. About $280 billion - World Federation of Exchanges aggregate 2006 
2. About $87 billion - World Federation of Exchanges 2006 
3. Based on world population of 6.6 billion - US Census Bureau 
4. About $48 trillion - World Bank 2006.

 
Source: BIS Triennial Survey 2007

Major Markets
The US & UK markets account for just over 50% of turnover 
Major markets: London, New York, Tokyo 
Trading activity is heaviest when major markets overlap5 
Nearly two-thirds of NY activity occurs in the morning hours while European markets are open6

5. The Foreign Exchange Market in the United States - NY Federal Reserve
6. The Foreign Exchange Market in the United States - NY Federal Reserve

Average Daily Turnover by Geographic Location




Source: BIS Triennial Survey 2007

Concentration in the Banking Industry
12 banks account for 75% of turnover in the U.K. 
10 banks account for 75% of turnover in the U.S. 
3 banks account for 75% of turnover in Switzerland 
9 banks account for 75% of turnover in Japan 

Source: BIS Triennial Survey 2007
Technical Analysis
Commonly used technical indicators:

Moving averages 
RSI 
Fibonacci retracements 
Stochastics 
MACD 
Momentum 
Bollinger bands 
Pivot point 
Elliott Wave

Currencies
The US dollar is involved in over 80% of all foreign exchange transactions, equivalent to over US$2.7 trillion per day

Currency Codes

USD = US Dollar 
EUR = Euro 
JPY = Japanese Yen 
GBP = British Pound 
CHF = Swiss Franc 
CAD = Canadian Dollar (Sometimes referred to as the "Loonie") 
AUD = Australian Dollar 
NZD = New Zealand Dollar

Average Daily Turnover by Currency



N.B. Because two currencies are involved in each transaction, the sum of the percentage shares of individual currencies totals 200% instead of 100%.

Source: BIS Triennial Survey 2007

Currency Pairs

Majors: EUR/USD (Euro-Dollar), USD/JPY, GBP/USD - (commonly referred to as the "Cable"), USD/CHF 
Dollar bloc: USD/CAD, AUD/USD, NZD/USD - (commonly referred to as the "Kiwi") 
Major crosses: EUR/JPY, EUR/GBP, EUR/CHF

Average Daily Turnover by Currency Pair



Source: BIS Triennial Survey 2007