Weekends and EOD FX data

[kagi]

With FX trading 24 hours a day, how is EOD data determined. I am looking for a EOD data feed and Paritech who use an Australian company called Norgate say for there data,

“The close is derived from prices prevailing at 5:00 p.m. New York time which, by convention, marks the end of the forex day. The following trading day's open price is determined by the first trade that occurs after 5:00 p.m New York time.”

Is this the accepted way of doing it ? It seems to make sense in the week but over the weekend having Mondays opening price determined by a trade on Friday evening does not seem right , I mean a lot can happen over the week end.

 

[moley]

With FX trading 24 hours a day, how is EOD data determined. I am looking for a EOD data feed and Paritech who use an Australian company called Norgate say for there data,

“The close is derived from prices prevailing at 5:00 p.m. New York time which, by convention, marks the end of the forex day. The following trading day's open price is determined by the first trade that occurs after 5:00 p.m New York time.”

Is this the accepted way of doing it ? It seems to make sense in the week but over the weekend having Mondays opening price determined by a trade on Friday evening does not seem right , I mean a lot can happen over the week end.

I'm fairly new to this myself but I thought that all Forex markets closed at 17.00 E.S.T. on Fridays and that the global Forex market started up again on Sunday at 18.00 E.S.T.

 

[kagi]

I have had a look on ADVFN , trading stops at 22:00 gmt friday night - 17:00 in New York as you say. It starts again midnight sunday gmt.
Does that mean that the first trade after 17:00 in new york would be in the early hours of monday or do they do after hours trading?
I have had a look at the data on one of the free web pages a russian one to try and work out what actually happens
This didn't help me !! they give OHLC for saturday as well, possibly because it was saturday russian time when new york closed, but then - it was about 13:00 gmt when I looked and they had OHLC data for today allready

 

[moley]

Hello again Kagi, From what I've gleaned ,after Friday's close in N.Y., the first Forex trading desks to open are in Wellington N.Z. (GMT + 12/13 Hrs ) , followed by Sydney,Tokyo, Singapore etc. For clarification on International Time Zones try www.timeanddate.com/worldclock/
Moscow is 3hr ahead of London which is 5 hrs ahead of N.Y. therefore 17.00 Friday in New York is 01.00 Saturday in Moscow so the OHLC data you got for Moscow time on a Saturday would only have covered the final 1 hr of Friday trading in N.Y. At least that's how I see it !
If you want free Forex end of day data there are plenty of U.S. and U.K. sites (with familier timezones ! )
Hope this helps.