As the Forex market opens 24hours a day, it is not easy for traders to participate in all of the time zones and respond immediately every time. Therefore, timing is the most essential thing in foreign exchange trading.
由於外匯市場全天24小時開放，交易員每次都要即時回覆和參與所有時區的交易並不容易，所以時機是外匯交易中最重要的事情。
To develop the most effective and time-efficient trading strategy, it is crucial to know how active market movements depending on the time zones. Only then you get as many trading opportunities as possible in the time zone you participate in.
要製定最有效、最省時的交易策略，更重要的是了解各時區活躍市場的動向。只有這樣，您才能盡可能參與不同時區的市場，獲得多更多的交易機會。
In addition to liquidity, the extent of fluctuations in currency pairs also depends mainly on each country’s geopolitical locations and macroeconomic conditions. Thus, by finding out when the currency pair moves the most and when the least, the trader can increase his or her investment efficiency through efficient asset allocation. Let get started!
除流動性外，貨幣對的波動程度還主要取決於每個國家的地緣政治位置和宏觀經濟狀況。因此，通過找出貨幣對何時移動最多和何時移動最少，交易者可以通過有效的資產分配來提高他們的投資效率。
Asian Market (Tokyo FX Market)亞洲市場（東京外匯市場）
19:00 – 04:00 (東部時間 Eastern Time)
In Asian markets, foreign exchange trading is mainly carried out in certain financial centres. The Tokyo foreign exchange market, which accounts for a larger portion of the Asian time zone, is followed by Hong Kong and Singapore. Japan’s central bank’s influence in the foreign exchange market is gradually weakening, but the Tokyo foreign exchange market is still one of Asia’s most important foreign exchange markets.
在亞洲市場，外匯交易主要在某些金融中心進行。佔亞洲時區很大一部分的東京外匯市場緊隨其後的是香港和新加坡。日本央行在外匯市場上的影響力正在逐漸減弱，但是東京外匯市場仍然是亞洲最重要的外匯市場之一。
Since this is the first major market opening among Asian markets, many investors use the Tokyo market as a trading momentum and a benchmark for measuring market dynamics in order to establish trading strategies. Sometimes trading in the Tokyo foreign exchange market is inactive. Still, large investment banks and hedge funds are known to operate important stop orders or options in the Asian market.
由於這是亞洲市場中第一個主要的市場開放，因此許多投資者將東京市場作為交易動力和衡量市場動態以建立交易策略的基準。有時東京外匯市場的交易不活躍，不過，有許多知名的大型投資銀行和對沖基金在亞洲市場操作重要的止損單或期權。
For risk-taking traders, USD/JPY, GBP/CHF and GBP/JPY are good choices. These currency pairs usually offer attractive opportunities of 90 per cent on average to traders who trade during short periods of time because of their large fluctuations. Foreign investment banks and institutional investors, mostly holding dollar-denominated assets, generate large amounts of transactions when they participate in the Japanese stock market or bond market. Japan’s central bank, which holds about $800 billion in U.S. bonds, exerts great influence in the foreign exchange market, affecting the demand and supply of USD/JPY by manipulating the open market.
對於冒險的交易者，美金 / 日幣，英鎊/瑞士法郎和英鎊/日幣是不錯的選擇。這些貨幣對通常因為波動較大，對在短時間內進行交易的交易者有很大的吸引力。主要持有美元資產的外國投資銀行和機構投資者在參與日本股票市場或債券市場時會產生大量交易。持有約美金80億美國公債的日本央行在外匯市場發揮了巨大影響，通過操縱公開市場來影響美元/日元的需求和供應。
Finally, large Japanese exporters are also known to send their overseas earnings to their home countries during the Tokyo foreign exchange market, which increases the exchange rate fluctuation. Meanwhile, GBP/CHF and GBP/JPY show high volatility in Asian markets for central banks and large investors to adjust their positions in preparation for European market opening.
最後，日本知名的大型出口商在東京外匯市場中將其海外收入匯往本國，這加劇了匯率波動。同時，英鎊/瑞士法郎和英鎊/日元在亞洲市場中表現出極大的波動性，各國央行和大型投資者為準備開放歐洲市場而調整頭寸。
Traders who do not prefer risk, AUD/JPY, GBP/USD, and USD/CHF are good choices. Usually, these calls are because mid-to-long-term traders may take into account the fundamentals of decision-making. Traders can protect their investment strategies from abnormal market movements due to speculative day traders by choosing currencies with low fluctuations
對於不喜歡風險的交易者，澳元/日元，英鎊/美元和美元/瑞士法郎是不錯的選擇。通常，這些看漲是因為中長期交易者可能會考慮決策的基本原理。因為日間投機者選擇波動較小的貨幣，交易者可以通過市場異常的波動來保護他們的投資策略。
US market (New York FX market)美國市場（紐約外匯市場）
8:00 to 17:00 (Eastern Time東部時間)
The New York market is the second largest in the foreign exchange market and it serves as the last market of the day. Forex trading activities are minimized during the afternoon market until the start of the Tokyo forex market the next day. Many of the time zones in which the US market opens are still in the European market, so they overlap, indicating very high liquidity.
紐約市場是外匯市場中的第二大市場，並且是當天的最後一個市場。下午交易市場將外匯交易活動降至最低，直到第二天東京外匯市場開始。因此美國與歐洲的市場重疊，許多時區在美國市場開放時仍在歐洲市場進行，說明流動性非常的高。
If you prefer risk, we recommend trading GBP/USD, USD/CHF, GBP/JPY, GBP/CHF. This is because the average range of variation during the day is about 120 pips. The above-mentioned currencies are particularly active during this time because they directly include the dollar.
如果您偏向有風險的投資，我們建議您交易英鎊 / 美金，美金 / 瑞士法郎，英鎊 / 日幣，英鎊 / 瑞士法郎。因為這些貨幣對直接包含美元且白天期間特別活躍，平均變化範圍約為120點。
To be more specific, as the U.S. forex market opens during the U.S. foreign exchange market’s opening hours, foreign investors convert their currencies (such as the Yen, Euro, and Swiss Franc) into dollar-denominated assets in the U.S. market for stock and bond investments. Also, this time zone is the time zone where GBP/JPY and GBP/CHF show the largest daily fluctuations as the European and U.S. markets overlap.
更具體地說，隨著美國外匯市場在美國外匯市場開放期間，外國投資者將其貨幣（例如日元，歐元和瑞士法郎）轉換為美國市場中以美元計價的股票和債券資產投資。同樣的，該時區是英鎊 / 日幣和英鎊 /瑞士法郎在歐洲和美國市場重疊的情況下顯示出最大每日波動的時區。
In the foreign exchange market, the exchange rate for most currencies is denominated in dollars because the currency pair must exchange it for dollars before it changes to another currency. For example, GBP/JPY does not change directly from Yen to Pound but is eventually converted to Yen once converted to Dollar.
在外匯市場上，大多數貨幣的匯率都以美元計價，因為貨幣對必須先將其兌換成美元才能兌換成另一種貨幣。例如，英鎊/ 日幣不會直接從日元更改為英鎊，而是會先轉換為美元後再最終轉換回日元。
Thus, trading GBP/JPY also depends on the two aforementioned currency pairs’ correlation, including two different currency pairs: GBP/USD and USD/JPY. GBP/USD and USD/JPY are negatively correlated because they move in opposite directions, amplifying volatility.
因此，交易英鎊 / 日幣還取決於下述兩個貨幣對的相關性，包括兩個不同的貨幣對：英鎊 / 美金和美金/ 日幣。英鎊/美元和美元/日幣呈現相反關聯，因為它們朝相反的方向移動，加劇了波動。
The movement of USD/CHF can also explain similar methods, but the intensity of volatility is greater. Although currency trading with high volatility may be attractive somehow, we should remember that the inherent risks are also greater. Traders always have to continuously modify their strategies to suit market conditions, as sudden changes in exchange rates can disrupt orders or invalidate their long-term strategies.
美元/瑞士法郎的變動也可以用類似的方法解釋，但波動幅度更大。 儘管高波動性的貨幣交易可能更具有吸引力，但我們應該記住，固有的風險也更大。 交易者必須不斷修改其策略來適應市場條件，因為匯率的突然變化會中斷訂單或使他們的長期策略失效。
Traders who do not prefer risk are usually recommended to choose USD/JPY, EUR/USD, and USD/CAD because the above currency pairs show moderate fluctuations to allow traders to take small risks and earn attractive returns. These currency pairs are rich in liquidity, allowing investors to quickly and efficiently realize losses or profits. These currencies are also not very volatile, which is advantageous for traders using long-term strategies.
通常會建議偏向低風險的交易者選擇美元/日圓，歐元/美元和美元/加幣，因為上述貨幣對顯示出適度的波動，是交易者可以承擔較小的風險並獲得可觀的回報。 這些貨幣對具有豐富的流動性，使投資者能夠快速有效地實現虧損或利潤。 這些貨幣也不太波動，對於使用長期策略的交易者是有利的。
歐洲市場（倫敦外匯市場）European market (London FX market)
下午2點至中午（東部時間）2 pm to noon (Eastern Time)
London’s foreign exchange market is the largest and most important market in the world. According to a BIS survey, it accounts for more than 30 per cent of the world’s trading volume. Dealing desks for large banks are usually located in London, and the major currency transactions are operating in London due to their high liquidity and efficiency. London’s foreign exchange market is the most volatile compare to other markets due to the larger number of market participants and huge trading volume.
倫敦的外匯市場是世界上最大，最重要的市場。根據國際清算銀行的一項調查，它佔全球交易量的30％以上。由於其高流動性和高效率，主要的貨幣交易都在倫敦進行，大型銀行的交易櫃檯也通常位於倫敦。與其他市場相比，因為市場參與者人數眾多且交易量巨大，倫敦的外匯市場波動最大。
GBP/JPY and GBP/CHF are suitable for risk-loving traders. The pairs represent an average daily variation of more than 140pips which can generate large profits in a short period of time. These two currency pairs have a large fluctuation because large participants increase trading volume in the European market.
英鎊/日圓和英鎊/瑞士法郎這兩個貨幣對適合偏好風險的交易者。這些貨幣對每天平均波動超過140點，可以在短時間內產生大量利潤。由於大量的參與者增加了歐洲市場的交易量，所以這兩種貨幣對波動很大。
The European market directly connects the U.S. market to the Asian market. Large banks and institutional investors will complete rebalancing of their portfolios at this time and begin to convert their European currency assets into U.S. dollar-denominated assets in preparation for an opening in the U.S. market. These currency pairs show extreme volatility in the European market from the large market participants.
歐洲市場將美國市場與亞洲市場直接相連。大型銀行和機構投資者將在此期間完成其投資組合的再平衡，並開始將其歐洲貨幣資產轉換為以美元計價的資產，準備美國市場開放的時間。因為許多的大型市場參與者，這些貨幣對在歐洲市場顯示出極大的波動性。
Investors who can tolerate more risks have a wide range of choices. EUR/USD, USD/CAD, GBP/USD and USD/CHF (which have an average of 100 pips of volatility) are good currency pairs to choose from because of their high volatility and many opportunities to enter the market.
對於可以承擔更多風險的投資者有更多種的選擇。如歐元/美元，美元/加幣，英鎊/美元和美元/瑞士法郎（平均波動率達100點）是很好的貨幣對，因為它們波動性高且有很多進入市場的機會。
Investors who do not prefer risk may choose NZD/USD, AUD/USD, EUR/CHF, and AUD/JPY with an average variation of around 50 pips. These currency pairs tend to move according to fundamentals and are less likely to lose money due to speculative daily traders.
不喜歡風險的投資者可以選擇紐幣/美金，澳幣/美金，歐元/瑞士法郎和澳幣/日幣，平均變動幅度約為50點。這些貨幣對較依據基本面來波動，並且不太因投機性日常交易者而遭受損失。
重疊時區Overlapping Time Zone,
美國和歐洲市場。US and European Markets.
美國東部時間晚上8點到中午 8 o’clock to noon (Eastern US time)
The foreign exchange market tends to move most actively during times when the U.S. and European markets overlap. The volatility between 10 p.m. and 2 a.m. takes about 70% of the average fluctuation of the exchange rate traded in the European market and 80% of the average fluctuation in the U.S. If traders can’t trade all they long, but expecting price fluctuations and volatility to be high, this is the most appropriate trading time when the time zones of the U.S. and Europe overlap.
在美國和歐洲市場重疊的時期是外匯市場最活躍的期間。晚上10點至凌晨2點之間的變動性，在歐洲市場平均匯率波動率大約為70％的，在美國的平均匯率波動率則約為80％。如果交易者不是做長期交易，當美國和歐洲的時區重疊時，預估在此期間價格波動性會很高，是最合適的交易時間。
重疊時區Overlapping Time Zone,
歐洲和亞洲市場。European and Asian Markets.
東部時間2到4點 2 to 4 o’clock (Eastern Time)
Since the time zone where Asia and Europe overlap is the morning time in Europe, there are not many transactions, so the volume of trading is minimal compared to other times. Also, the actual overlapping time is short. Because trading volume is not high during this time, risk-loving traders may spend time waiting for breakthroughs in the European market, taking a nap until the U.S. market opens, or formulating position strategies (a type of trading strategy that makes a profit from long-term buying or selling).
由於亞洲和歐洲重疊的時間是歐洲的早上，因此相比其他時間，交易量較小，且實際的重疊時間很短。也因為這段時間的交易量不高，所以愛好風險的交易者可能會花時間等待到歐洲市場的突破點，或小睡一會直到美國市場開盤，或者制定頭寸策略（一種可以從多頭交易買賣中獲利的交易策略）。