Appetites for risk are approaching yearly highs as major economies develop a hawkish approach to global economic recovery, one commentator has claimed.John Kicklighter, a currency strategist at Daily FX, has today (October 9th) stated that although a number of major benchmark market performance indicators are yet to show critical breaks, confidence is continuing to recover in record-breaking fashion.With the Reserve Bank of Australia this week announcing its first cash rate hike since the start of the financial crisis, Mr Kicklighter turned his attention to the likelihood of other rate-setting institutions making a similar move.After acknowledging that there is still a degree of scepticism in the market, he concluded: "Certainly, the RBA has set a precedent with its rate hike this week, but few others are ready to follow suit."The RBA took a total of 425 basis points off its cash rate target in the wake of the crisis, but on Tuesday the bank's governor announced a 25-point hike, taking the cash rate to 3.25 per cent.