Risk-on and risk-off
Updated 2026-09-20
Definition
Phases of risk appetite (people buy stocks and risky currencies) and aversion (they seek havens).
Why it matters
Understanding the phase gives a compass for moves between pairs: AUD and NZD tend to suffer in risk-off, the yen and franc to strengthen.
Practical example
Stock market crash: AUD/JPY falls, USD/CHF often falls.
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Educational content, not financial advice. Trading involves risk.