IC Markets
Written byAbir KhanWriter
Market analysis byTanbir Habib RiyadCo-Founder & Trader
Fact-checked & QC byJowel RanaFact-Checker & QC
Edited byRanjan NiskrityChief EditorThis tool is for education and planning only and is not financial advice. Forex and CFD trading carries a high risk of losing money rapidly due to leverage. Check your broker's own contract specifications, fees and margin rules before you trade.
Why bank holidays matter in forex
Forex has no single exchange to close, so prices keep moving on holidays. What changes is who is trading.
Liquidity drops
When London or New York is shut, far fewer banks quote their currencies. EUR/USD can trade at half its usual volume on a US holiday.
Spreads widen
Brokers pass on the thinner market. Spreads on the affected pairs can widen, especially at the start and end of the day.
Sudden moves
A single large order moves a thin market more. Holiday sessions can be quiet for hours and then jump.
Value dates move
Spot trades settle two business days later. A holiday in either currency's country pushes settlement back, which can change the rollover you pay or receive.
Which pairs each holiday affects
| Holiday in | Pairs most affected | What to expect |
|---|---|---|
| United States | Every USD pair, gold | Lowest volume of any single-country holiday; US data releases paused |
| United Kingdom | GBP pairs, EUR/GBP | London is the largest centre, so even non-GBP pairs thin out |
| Euro area (TARGET) | EUR pairs | Euro payments do not settle; volume drops across Europe |
| Japan | JPY pairs | Quieter Asian session; Golden Week in May and New Year are the longest breaks |
| Australia | AUD and NZD pairs | Thinner Sydney open |
| China | CNY, CNH, AUD, NZD | Onshore yuan stops trading; offshore CNH still trades |
| Gulf and South Asia | AED, SAR, PKR, BDT, IDR, MYR | Eid closures stop local interbank markets for several days |
Holidays, rollover and triple swaps
The usual triple swap
Brokers usually charge three days of swap on Wednesday night, because a spot trade opened on Wednesday settles on Monday, across the weekend.
Holiday rollovers
When a holiday falls in the settlement window, the extra days are charged on a different night. A broker may charge a double or triple swap before a holiday.
Check your broker
Brokers publish holiday swap schedules and trading hours. Read them before holding positions over long holiday weekends.
How to trade around bank holidays
- Check the week ahead
Look at this calendar and the economic calendar every Sunday.
- Cut size on thin days
Smaller positions limit the damage from a sudden holiday spike.
- Widen or rethink stops
Thin books can trigger stops on moves that reverse minutes later.
- Avoid new trades into long weekends
Easter, Christmas and Golden Week leave gaps where news cannot be traded.
- Watch the reopening
Volume returns with a rush when the closed centre reopens; the first hour can be volatile.
Holiday trading mistakes
Forex trades on most holidays; open positions still move and still pay swap.
Moves on thin volume often reverse when the main centre reopens.
Eid and Lunar New Year closures hit regional currencies hard, and their dates change every year.
The last two weeks of December are the thinnest of the year.
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Forex Holiday Calendar FAQs
Is the forex market open on bank holidays?
Yes, in most cases. Forex trades across many countries, so a holiday in one closes only that centre. Liquidity in its currency falls and spreads can widen.
Is forex open on Christmas Day and New Year's Day?
Many brokers close or offer very limited trading on 25 December and 1 January, and liquidity is thin for the whole period in between. Check your broker's holiday schedule.
Does forex trade on US holidays like Thanksgiving?
Yes, but volume in dollar pairs drops sharply and US data is not released. The day after Thanksgiving has an early US close.
Why do Chinese holidays affect AUD and NZD?
China is the largest buyer of Australian and New Zealand exports, so traders in those currencies watch Chinese demand. When mainland markets close, AUD and NZD often trade more quietly.
Are Eid dates on this calendar exact?
No. Eid al-Fitr and Eid al-Adha depend on moon sighting and are confirmed shortly before. The dates here are expected dates and are marked as such.
Do holidays change swap charges?
They can. When a holiday falls in the two-day settlement window, brokers move the extra rollover days, so a double or triple swap may be charged on a different night than usual.
Sources: NYSE Group holiday calendar, UK bank holidays (gov.uk), ECB TARGET closing days, Japan Cabinet Office: national holidays, Fair Work Ombudsman: 2027 public holidays.