European - Asian Overlap
08:00 am - 09:00 am
The Night Session however, for Index Futures, Index Options and other Derivatives, starts at 06:30 am and continues till 05:55 pm. And this is where Tokyo and the European Trading Session overlaps, and the most liquidity is offered for the Japanese Yen and the European Yen crosses, EUR/JPY, GBP/JPY and CHF/JPY, as well as USD/JPY.
The intersection of the European and Hong Kong markets occurs only in Summer and lasts for an hour; Singapore has 2 hours for Summer and 1 hour of overlap for Winter: from 08:00 am to 09:00 am. Obviously, this will be time of high liquidity for European HKD and SGD crosses.
The least volatile of the three overlaps because of the short-term intersection and absence of the majority of U.S. traders (it is night in the U.S.).