About midway through the Asian trading day, European finan-
cial centers begin to open up and the market gets into its full
swing. European financial centers and London account for
over 50 percent of total daily global trading volume, with
London alone accounting for about one-third of total daily
global volume, according to the 2004 survey.
The European session overlaps with half of the Asian trading
day and half of the North American trading session, which
means that market interest and liquidity is at its absolute
peak during this session.
News and data events from the Eurozone (and individual
countries like Germany and France), Switzerland, and the
United Kingdom are typically released in the early-morning
hours of the European session. As a result, some of the
biggest moves and most active trading takes place in the
European currencies (EUR, GBP, and CHF) and the euro cross-
currency pairs (EUR/CHF and EUR/GBP).
Asian trading centers begin to wind down in the late-morning
hours of the European session, and North American financial
centers come in a few hours later, around 7 a.m. ET.
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