The risk with the high oil price is that it hits the U.S. consumer more than the European or Swiss consumer.

Yesterday was the opening of the hunting season on the euro. People are tying to test how far it's going to fall.

The way the coalition looks gives people reason to doubt what kind of economic reforms we might get. The market is resentful and has put pressure on the euro.

Rising oil prices are the biggest risk to what is otherwise shaping up as a robust recovery.

The first risk is the price of oil.

We don't see another rate rise, but we recognize that the risk is still there, due largely to oil prices -- the oil market remains vulnerable for both supply and demand reasons,