en-us	Brexit's back: double-whammy for sterling after virus shock
zh-cn	英国退欧卷土重来：病毒冲击后英镑遭受双重打击

en-us	LONDON, April 22 (Reuters) - Shoved aside by the coronavirus pandemic, Brexit is set to work its way into the headlines again as a June deadline for extending Britain's 11-month transition period turns currency traders' focus - and selling pressure - back to the pound.
zh-cn	伦敦，4月22日(路透社)-被冠状病毒大流行推到一边，英国退欧将再次成为头条新闻，因为6月延长英国11个月过渡期的最后期限将外汇交易员的焦点-以及抛售压力-重新转移到英镑上。

en-us	Last week, at talks to negotiate a post-Brexit trade agreement, Britain's government reiterated its pledge to walk away from European Union without a deal if one cannot be reached by the end of the year.
zh-cn	上周，在谈判英国退欧后的贸易协议时，英国政府重申了其承诺，如果年底前无法达成协议，将在没有协议的情况下退出欧盟。

en-us	And unlike in 2019 when lawmakers were able to block a no-deal Brexit, Prime Minister Boris Johnson's large parliamentary majority makes this a real possibility. 
zh-cn	与2019年立法者能够阻止不达成协议的英国退欧不同，英国首相鲍里斯·约翰逊(Boris Johnson)在议会中的多数席位使这成为可能。

en-us	Yet, with focus squarely on COVID-19, the pound barely batted an eyelid.
zh-cn	然而，随着焦点直接放在COVID-19上，英镑几乎不屑一顾。

en-us	Britain being cast adrift from its biggest trade partner is widely expected to inflict huge damage on an economy already predicted by the UK budget watchdog to post its worst recession in 300 years.
zh-cn	人们普遍预计，英国与其最大的贸易伙伴背道而驰，将对英国经济造成巨大损害。英国预算监督机构已经预测，英国经济将出现300年来最严重的衰退。

en-us	That means sterling may be about to take centre stage again with only a little more than two months left to request an extension to the Dec. 31 deadline.
zh-cn	这意味着英镑可能即将再次成为焦点，只剩下两个多月的时间来请求延长12月31日的最后期限。

en-us	"Foreign exchange does this, we leap from one monstrous issue to another," said Kit Juckes, head of FX strategy at Societe Generale.
zh-cn	法国兴业银行(Societe Generale)外汇策略主管Kit Juckes表示：“外汇做到了这一点，我们从一个庞然大物跳到了另一个问题上。”

en-us	While sterling has bounced off 35-year lows of around $1.14 hit in March, gaining nearly 8% in the past month, Juckes attributed that to corporations repatriating money before the earnings season and other unavoidable trades.
zh-cn	虽然英镑已从3月份触及的约1.14美元的35年低点反弹，在过去一个月上涨了近8%，但朱克斯将此归因于企业在财报季之前将资金汇回国内，以及其他不可避免的交易。

en-us	"March was about fighting the immediate fires... May will be back to fund managers making asset allocation decisions," Juckes predicted.
zh-cn	Juckes预测：“3月是为了扑灭眼前的大火……5月将回到基金经理做出资产配置决定的时候.”

en-us	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.
zh-cn	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。

en-us	Implied volatility on the pound against the dollar -- an options market gauge of expected price swings -- remains well above that of other major currencies.
zh-cn	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。

en-us	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.
zh-cn	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。

en-us	Still, three-month options encompassing June, the crunch time for determining whether or not Britain leaves with a deal, have barely budged. 
zh-cn	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。

en-us	That suggests investors' attention has been wholly consumed by the coronavirus pandemic.
zh-cn	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。

en-us	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.
zh-cn	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。

en-us	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.
zh-cn	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。

en-us	"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.
zh-cn	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。”

en-us	DOWNGRADE
zh-cn	降级。

en-us	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.
zh-cn	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。

en-us	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.
zh-cn	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。

en-us	But they said this would not be enough to compensate for ending the transition period without a trade deal given "the disruption to trade would compound the risk of long-term damage from COVID-19".
zh-cn	但他们表示，这将不足以补偿在没有达成贸易协议的情况下结束过渡期的损失，因为“贸易中断将加剧COVID-19造成长期损害的风险”。

en-us	Meanwhile, investors have gradually turned bearish on the currency. 
zh-cn	与此同时，投资者逐渐对人民币持悲观态度。

en-us	Last December, a long-standing sterling 'short' position flipped into a net 'long' as the election outcome promised to clear Brexit deadlock. 
zh-cn	去年12月，由于选举结果有望打破英国退欧僵局，长期存在的英镑“空头”头寸转为净“多头”头寸。

en-us	There are still a net $3.2 billion worth of bets that the pound will go up, but that number has been falling for the last six weeks.
zh-cn	目前仍有价值32亿美元的英镑将上涨的净押注，但这一数字在过去六周一直在下降。