New York session

New York is the second-largest dealing centre, holding roughly 19% of global FX turnover in the [BIS Triennial Survey](https://www.bis.org/statistics/rpfx25_fx.htm) for April 2025 against London's 38%. But its importance is not really about size. It is about *what gets released while it is open*. And about the fact that, in that same BIS survey, the US dollar was on one side of **89.2% of all trades**. When the dollar moves, nearly everything moves with it. ### The clock that matters - The Bureau of Labor Statistics releases the monthly jobs report (nonfarm payrolls) at **8:30 a.m. Eastern**, before the US stock market has even opened. - CPI is also a BLS release, landing at 8:30 a.m. Eastern in that same pre-open window. - FOMC policy statements are released at **2:00 p.m. Eastern**, and the Fed holds eight regularly scheduled FOMC meetings a year, so those dates are public months ahead. None of this is secret. The calendar is published. What is not published is what the number will be, and that is the entire problem. ### Why "no stop is tight enough" is mechanically true Ahead of a scheduled release, liquidity providers protect themselves. They widen their quotes and pull resting orders out of the book in the moments before the print. So the number lands into a book that has just been deliberately thinned, at the exact moment a rush of participants wants to transact. A stop is not a price guarantee. It is an instruction to exit at the *next available* price. If the book gaps straight through your level, you are filled beyond it. That is slippage. It is a consequence of the order book emptying, not your broker cheating you. ### 5pm ET is a boundary, not just a closing bell The NY close is where the trading day itself rolls over. Spot FX settles two business days out (T+2), so a position carried through 5pm New York has its value date rolled forward, and you are charged or credited the interest rate differential between the two currencies. Brokers such as [Pepperstone](https://pepperstone.com/en/learn-to-trade/trading-guides/what-are-swaps-how-to-calculate-swaps/) document this as the tom-next rollover, applied at 5pm New York. Wednesday is the one to know. Hold through 5pm ET on a Wednesday and the new value date jumps the weekend, so **three days of interest are applied at once** instead of one. Your position did not change. The swap charged or credited against it just tripled.