TIME ZONES

The Three Major Markets

Because FOREX is the global exchange of currencies among countries around the world, it is logical that trading time doesn't follow the same time as other trading markets have, such as the stock market. As different parts of the world move from darkness to light, trading activity comes to life. Currency is bought and sold in Tokyo while New York slumbers. When night descends on Tokyo, London offices are opening and starting to trade. By the time London approaches mid-afternoon, New Yorkers are arriving at their desks, ready to make money. The markets reflect these rhythms, with trading volume rising and falling depending on when workers are entering work or leaving to go home.

With this ability to trade the exact same currency at any time, the Forex can be called a 24-hour market that is open from late Sunday Eastern Standard Time, when the Forex week starts with the Monday morning open in Wellington, New Zealand, then on to Sydney, Tokyo, Hong Kong, Singapore, Moscow, Frankfurt, London, and then finishing the week on Friday at five o’clock in New York.

For our purposes, we will reference time based on the three major trading markets, Japan, London, and New York. We have also shown the current time in GMT so that market data containing time schedules in GMT will easily be recognized using the particular clock.

GMT, EST, PST, and CET

GMT (also known as UTC or Coordinated Universal Time) is the time along the Prime Meridian (0 degree longitude) which passes through Greenwich, England. It is the standard time used in the field of astronomy, meteorology and other scientific disciplines around the world, and the standard used to reference market data from all countries around the world participating in the world market.

EST or Eastern Standard Time is five(5) hours late of GMT, while PST or Pacific Standard Time is late by eight(8) hours. Hence, if a market data will be coming out in EST, just add five(5) hours to get the time in GMT. To convert PST to GMT, just add eight(8) hours.

CET or Central European Time is one(1) hour ahead of Greenwich Mean Time (GMT). Note that during summer daylight saving time/summer time is observed, and CEST (Central European Summer Time) is used instead (GMT + 2 Hours).

Daylight Saving Time (DST)

From the last Sunday in October through the last Saturday in March standard time in the United States of America and other European countries is noted as Central Standard Time (CST), (EST), (MST) or (PST). During summer, that is, from the last Sunday in March through the Last Saturday in October, daylight savings time is noted as Central Daylight Time (CDT), (EDT), (MDT) or (PDT) which is one hour added to standard time. So to convert EDT to GMT, just add four(4) hours. Below is a summary of the conversions, this time converting GMT to EST or PST.



GMT Worldwide Conversion Table

This table converts GMT to local time around the world.

Zone	Location (City or Area)
GMT-12	Eniwetok
GMT-11	Samoa
GMT-10	Hawaii
GMT-9	Alaska
GMT-8	PST, Pacific US
GMT-7	MST, Mountain US
GMT-6	CST, Central US
GMT-5	EST, Eastern US
GMT-4	Atlantic, Canada
GMT-3	Brazil, Buenos Aries
GMT-2	Mid-Atlantic
GMT-1	Cape Verdes
GMT	Greenwich Mean Time, Dublin
GMT+1	Berlin, Rome
GMT+2	Israel, Cairo
GMT+3	Moscow, Kuwait
GMT+4	Abu Dhabi, Muscat
GMT+5	Islamabad, Karachi
GMT+6	Almaty, Dhaka
GMT+7	Bangkok, Jakarta
GMT+8	Hong Kong, Beijing
GMT+9	Tokyo, Osaka
GMT+10	Sydney, Melbourne, Guam
GMT+11	Magadan, Soloman Is.
GMT+12	Fiji, Wellington, Auckland

Why are the clocks showing the wrong time?

The codes for the PFEC World Clocks above are getting their reference time based on the system time of your computer. If you are not sure that your PC's system clock is set to the correct local time, you may check and adjust it by right-clicking the bottom toolbar and choosing "ADJUST DATE/TIME" from the wizard box.