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Green and back

机译:绿色和背面

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Visitors to America this summer will find their money does not stretch quite as far as on previous trips. The dollar has risen this year against a broad range of currencies, so holiday purchases will be a bit pricier than usual. A strengthening dollar is a rare thing. The upward bursts in the early 1980s and the late 1990s were deviations from a generally falling trend. Since it was freed from the Bretton Woods system of fixed exchange rates four decades ago, the dollar has mostly fallen in value against other rich-world currencies. But a growing band of analysts reckon it is time for the greenback to regain a bit of lost ground. The immediate spur for optimism about the dollar is the recent signalling from the Federal Reserve that its purchases of bonds with newly created money may start to tail off as soon as September. The prospect of an end to quantitative easing has already pushed up long-term interest rates. The yield on ten-year Treasuries has risen to 2.6% from a low of 1.6% in May. As yields rise, capital is attracted to America from riskier parts of the world. That in turn pushes up the dollar.
机译:今年夏天到美国的游客会发现,他们的钱并没有以前的旅行那么多。美元兑多种货币今年以来已经上涨,因此假期购买将比平常价格高一些。美元坚挺是罕见的。 1980年代初和1990年代后期的上升趋势是与总体下降趋势的偏离。自从四十年前从布雷顿森林体系的固定汇率制度中释放出来以来,美元兑其他富裕国家的货币的价值大多已经下跌。但是越来越多的分析师认为,现在是美元重新获得失地的时候了。对美元乐观的直接冲动是美联储(Fed)最近发出的信号,即其以新创建的货币购买的债券可能最早在9月开始退出。结束量化宽松的前景已经推高了长期利率。十年期美国国债的收益率已从5月份的低点1.6%升至2.6%。随着收益的增加,资本从世界上风险较高的地区吸引到美国。反过来又推高了美元。

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    《The economist》 |2013年第8844期|59-60|共2页
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