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51442 Recent moves have left the pound around 5 cents above its 2019 lows when it was being driven by the ins and outs of Brexit , but sterling risk premia never really went away. 最近的走势使英镑比2019年的低点高出约5美分，当时英镑是由英国退欧的起起落落推动的，但英镑的风险溢价从未真正消失。
51443 Implied volatility on the pound against the dollar -- an options market gauge of expected price swings -- remains well above that of other major currencies. 英镑兑美元的隐含波动率--期权市场衡量预期价格波动的指标--仍远高于其他主要货币。
51444 One-month risk reversals, a ratio of bullish to bearish bets, shows investors are being charged more for pound 'puts' than 'calls' -- options conferring the right to sell and buy sterling respectively, implying downside for the currency. 一个月期风险逆转(看涨押注与看跌押注的比率)显示，投资者为英镑的看跌期权比看涨期权收取的费用更高。看跌期权是分别授予卖出和买入英镑的权利的期权，这意味着英镑的下行空间。
51445 Still, three-month options encompassing June, the crunch time for determining whether or not Britain leaves with a deal, have barely budged. 尽管如此，包括6月份在内的三个月选项几乎没有变化，6月份是决定英国是否退出协议的关键时间。
51446 That suggests investors' attention has been wholly consumed by the coronavirus pandemic. 这表明投资者的注意力已经完全被冠状病毒大流行所消耗。
51447 Neil Jones, head of FX sales at Mizuho reckons machine-trading algorithms, which many banks used to react to Brexit news, have simply been adjusted as the virus dominated headlines. 瑞穗(Mizuho)外汇销售主管尼尔·琼斯(Neil Jones)认为，随着病毒占据新闻头条，许多银行用来对英国退欧消息做出反应的机器交易算法已经进行了调整。
51448 That may change in coming weeks, with Brexit talks scheduled for the weeks beginning April 20, May 11 and June 1. The process will be reviewed in June. 未来几周，这种情况可能会改变，英国退欧谈判定于4月20日、5月11日和6月1日开始的几周内进行。这一过程将在6月份进行审查。
51449 "Ultimately (the machine-trading) model is driven by discretionary decisions and you can switch on and off certain factors and forces if you don't feel it's relevant anymore," Jones said. 琼斯说：“归根结底，(机器交易)模式是由可自由支配的决策驱动的，如果你觉得不再相关，你可以打开和关闭某些因素和力量。”
51451 A credit rating downgrade from Fitch last month highlighted Britain's frailties --a current account deficit around 3% of GDP plus a likely explosion in national debt from increased spending to counter the downturn from measures put in place to slow the spread of the virus. 惠誉(Fitch)上个月下调了英国的信用评级，突显了英国的弱点-经常账户赤字约占gdp的3%，加上为应对经济低迷而增加的支出可能导致国家债务激增，这些措施是为了减缓病毒的传播。
51452 The pound's REER -- the exchange rate against trade partners' currencies and adjusted for inflation -- already carries an 11% Brexit premium, JPMorgan analysts estimate, based on the deviation from its 20-year average. 摩根大通(JPMorgan)分析师估计，基于与20年平均水平的偏离，英镑的REER(对贸易伙伴国货币的汇率并经通胀调整)已经带来了11%的英国退欧溢价。