• The collapse of FX vol that is underway with Yellen and Greece behind us, according to RBC Capital Research. 
• The ECB's Global Hazard Index, at 9.95, is down more than 3 vols from Friday's close and at its lowest level since early-November. 
• With vol and spreads in other asset classes already low, this has caused our overall Risk Aversion Thermometer to fall to almost one standard deviation risk seeking (-7.3) and its lowest level since last May. 
• This is a positive background for riskier and higher-yielding currencies