Risk-on / risk-off(Risk-on / risk-off)
The market's overall appetite: in risk-on, equities, crypto and commodity currencies (AUD, NZD) are bought; in risk-off, the dollar, yen, franc and bonds are preferred.
Also written as: risk-on · risk-off · risk iştahı
Understanding the regime ties moves across different markets into a single story: indices falling while USDJPY also falls is a classic risk-off signature.
VIX, bond yields and credit spreads are regime indicators. Regime shifts usually begin with a macro shock or a central bank surprise.
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Where it appears in the guides
Guides whose text uses this term; most frequent first.