Fixing times are crucial in the markets, especially for currencies and gold. These are moments when large market participants — like banks, corporates, and institutional traders — execute large orders, often causing short-term volatility and potential trade opportunities. Let’s break it down!
🕰️ Key Fixing Times (Currencies & Gold)
- Tokyo Fix:
- Time: 9:55 AM JST (6:25 AM IST)
- Asset Focus: USD/JPY, JPY crosses
- Market Driver: Japanese corporates settle foreign exchange needs.
- China Fix (PBOC Reference Rate):
- Time: 9:15 AM CST (6:45 AM IST)
- Asset Focus: USD/CNH, AUD/USD
- Market Driver: The People’s Bank of China sets a daily reference rate for the yuan.
- London AM Fix:
- Time: 11:00 AM GMT (4:30 PM IST)
- Asset Focus: GBP pairs, EUR/USD, XAU/USD (Gold)
- Market Driver: European corporate flows, major FX settlements.
- LBMA Gold Fix (London Gold Fix):
- AM Fix: 10:30 AM GMT (4:00 PM IST)
- PM Fix: 3:00 PM GMT (8:30 PM IST)
- Asset Focus: Gold (XAU/USD)
- Market Driver: Bullion banks set benchmark gold prices.
- London 4 PM Fix (WM/Reuters Fix):
- Time: 4:00 PM GMT (9:30 PM IST)
- Asset Focus: All major FX pairs
- Market Driver: The most important daily fix — big funds rebalance portfolios at this time.
- New York Fix:
- Time: 12:00 PM ET (10:30 PM IST)
- Asset Focus: USD pairs, Gold, Oil
- Market Driver: North American corporates hedge currency exposures.
🎯 Trade Ideas Around Fixes
- Fading the Fix (Tokyo & London): If price spikes into the fix, fade the move if it aligns with the broader trend.
- Gold Pre-Fix Play (London PM Fix): Gold tends to get volatile before the fix — a quick breakout or breakdown trade often works well.
- 4 PM London Fix Reversal: If there’s a sharp move into the fix, watch for a reversal after the flow dries up — perfect for scalps.
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