即使对经济来讲，最可能的结果还没有突然恶化，但真正糟糕的经济衰退风险已经上升。

Even if the most likely outcome for the economy has not worsened dramatically, the risks of a truly nasty downturn have risen.

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迄今，欧洲中央银行已经降低了这些风险并且提前发出了利率上升的可能性信号，这些强硬的手段只是欧元升值的部分原因。

So far, the European Central Bank has played down these risks and is signalling the likelihood of higher rates ahead. That hawkishness is part of the reason for the euro's rise.

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自从第一季度以来，投资者的风险偏好已经上升。

Since the first quarter risk appetite has picked up.

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