The Forex Market NEVER actually closes

As we sit here waiting for our dealing desks to open, prices in the FX marketplace continue to change.. even on weekends and holidays.

While your charts like mine, might be frozen at the Friday NY close, actual prices have moved all over. I am following two pairs:

USD/JPY closed around 117.91 on Friday at 5 pm EST. Later on Friday at 11 pm it was at 117.70 at 1 am Sunday in 2006 it was at 118.12
and at 9:15 ... a few minutes ago it was at 117.78

The EUR/USD closed around .1841 on Friday. It hasnt moved much since then but at 9:15 this morning it was at .1825

I did a search of the Forum and did not find that this link has been posted before. www.xe.com/ucc/ It lets you select two currencies and see the exchange rate at any time 24/365.

It can be useful in anticipating an opening gap when the dealing desks start up. On the other hand it may also be useful in seeing exactly how your dealing desk handles the price differential between closing and opening.

Hearing about any strategies for using this information would be interesting.

Lou

Yes, it's interesting that one. Sometimes the 'jump' is quite big. I sometimes wonder if you can trade them, assuming the rates you get from that site are reliable.

I once asked a broker what all the movement is over the weekend.

His reply: "Marketmakers getting warmed up"

You can trade with Oanda 24/7 - they just widen their spreads over weekends/holidays to reflect that additional risk they take on due to low liquidity. Means you can get out if you want to. Not sure you would be able to effectively trade though.

Simon