The concept of risk on and risk off in currencies typically refers to:

How investors perceive a currency in terms of risk appetite. "Risk on" currencies are seen as more attractive during times of high economic growth and market confidence, while "risk off" currencies are favored during periods of economic uncertainty or turmoil. It is important to note that these classifications can change over time due to various factors, and the reasons provided for each currency might not be exhaustive. Here are the top 15 currencies and their classification as "risk on" or "risk off" with three reasons for each:

Risk on currencies:

1. Australian Dollar (AUD)

   • Strong link to commodity prices, especially metals and minerals

   • High interest rates relative to other major currencies

   • Correlation with the Chinese economy, which is a significant driver of global growth

2. New Zealand Dollar (NZD)

   • Strong connection to agricultural commodity prices, particularly dairy products

   • High interest rates relative to other major currencies

   • Stable political and economic environment

3. Canadian Dollar (CAD)

   • Correlation with oil and other commodity prices

   • Relatively high interest rates

   • Proximity and trade relations with the United States

4. South African Rand (ZAR)

   • High dependence on commodity exports, particularly gold and platinum

   • High interest rates relative to other major currencies

   • Susceptibility to domestic and regional political instability

5. Brazilian Real (BRL)

   • Exposure to commodity markets, especially agricultural products

   • High interest rates relative to other major currencies

   • Sensitivity to domestic political and economic events

Risk off currencies: 

6. US Dollar (USD)

• World's primary reserve currency and safe-haven status

• Highly liquid currency market

• Strong and diversified economy

7. Swiss Franc (CHF)

   • Traditional safe-haven currency due to Switzerland's economic and political stability

   • Strong banking sector and low inflation

   • Negative interest rates, which discourage speculative investments

8. Japanese Yen (JPY)

   • Safe-haven currency due to Japan's economic and political stability

   • Large current account surplus and substantial foreign exchange reserves

   • Low-interest rates, which discourage speculative investments

9. Euro (EUR)

   • Second most traded currency and widely used for international transactions

   • Large, diverse, and stable European economy

   • Low-interest rates, which discourage speculative investments

Mixed/Neutral Currencies:

 10. British Pound (GBP)

• Historically strong and stable currency

• Significant financial sector and diversified economy

• Exposure to Brexit-related uncertainties and political events

11. Chinese Yuan (CNY)

• Growing importance as a global currency due to China's economic rise

• Managed exchange rate and capital controls

• Sensitivity to trade and geopolitical tensions

12. Indian Rupee (INR)

• Large and growing economy

• Exposure to commodity price fluctuations, particularly oil imports

• Sensitivity to domestic economic and political events

13. Mexican Peso (MXN)

• Exposure to commodity markets, particularly oil

• Close trade ties with the United States

• Sensitivity to domestic political and economic events

14. Russian Ruble (RUB)

• High dependence on commodity exports, particularly oil and natural gas

• Sensitivity to geopolitical tensions and economic sanctions

• Unpredictable domestic political landscape

15. South Korean Won (KRW)

• Export-oriented economy with strong ties to global trade

• Sensitivity to geopolitical tensions involving North Korea

• Exposure to fluctuations in the global technology sector