Home currencies depreciate during domestic trading, appreciate during U.S. sessions.
The study looked at how different currencies change in value throughout the day. They found that most currencies tend to lose value during their own country's trading hours and gain value when the U.S. markets are open. This pattern holds true even for countries with strict financial rules. The changes in currency values are closely linked to how risky the market is at that time, which is affected by how many orders are being placed and how sensitive the market is to those orders.