Though it is a relatively tentative rise, risk trends seem to be broadly improving. The DailyFX Carry Trade Index has maintained the upward trajectory that has held since the March reversal. What’s more, a look to the details underlying this advance reveals most of the general conditions surrounding risk appetite are improving. The DailyFX Volatility Index shows price action is stabilizing into its steady rally with expected fluctuations for the coming three months cooling to 2.88 percent. As for the outlook for USDJPY (the carry trade proxy), interest is shifting to bullish calls even as speculation that a BoJ rate hike is in the pipeline gains traction.