UTC, which is based on highly precise atomic clocks and the Earth's rotation, is the new standard of today. Although GMT used to be a time standard, it is now mainly used as the time zone for certain countries in Africa and Western Europe. Although GMT and Coordinated Universal Time (UTC) essentially reflect the same time, GMT is a time zone, while UTC is a time standard that is used as a basis for civil time and time zones worldwide. Greenwich Mean Time (GMT) is the mean solar time at the Royal Observatory located in Greenwich, London, considered to be located at a longitude of zero degrees. They are often based on the boundaries of countries or lines of longitude. The forex market closed on Friday at 5:00 pm ET.Related Time Calculator | Date CalculatorĪ time zone is a region on Earth that uses a uniform time. The forex market opens on Sunday at 5:00 pm ET. The forex market technically never closes, but retail traders can only trade the hours between Sunday at 5:00 pm ET and Friday at 5:00 pm ET.
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