The U.S. dollar's downward slide is accelerating as low interest rates, inflation concerns and the massive federal budget deficit undermine the currency.

　　受低利率、通脹擔憂和聯(lián)邦巨額預算赤字的影響，美元正在加快下跌。

　　With no relief in sight for the dollar on any of those fronts, the downward pressure on the dollar is widely expected to continue.

　　由于美元在其中任何一個方面都看不到喘息的機會，人們普遍預計美元將會繼續(xù)承受貶值壓力。

　　The dollar fell nearly 1% against a broad basket of currencies this week, following a drop of similar size last week. The ICE U.S. Dollar Index closed at its lowest level since August 2008, before the financial crisis intensified.

　　上周美元對一籃子貨幣下跌近1%，前一周也是同樣的下跌幅度。洲際交易所美元指數(shù)(ICE U.S. Dollar Index)收于金融危機加劇前夕、2008年8月以來的最低水平

　　"The dollar just hasn't had anything positive going for it," said Alessio de Longis, who oversees the Oppenheimer Currency Opportunities Fund.

　　Oppenheimer貨幣機會基金(Oppenheimer Currency Opportunities Fund)經(jīng)理隆吉(Alessio de Longis)說，美元就是沒有任何利好因素。

　　The main driver for the dollar's decline is low interest rates in the U.S. compared with higher and rising rates abroad. Lower rates mean a lower return on cash─and the pressure from that factor could intensify next week when the Federal Reserve's rate-setting committee is expected to signal that U.S. short-term rates will likely remain near zero for many months to come. On Wednesday, Fed Chairman Ben Bernanke is scheduled to give the central bank's first-ever press conference following a policy-setting meeting.

　　美元下跌的主因是美國維持著低利率，同時國外利率更高，而且是處在上升過程中。利率更低，意味著現(xiàn)金回報更低。而下周來自這個方面的壓力可能會變得更大，因為屆時美聯(lián)儲(Federal Reserve)的利率決策委員會估計將會暗示，美國未來很多月份的短期利率可能將繼續(xù)維持在接近于零的水平。按計劃，美聯(lián)儲主席貝南克(Ben Bernanke)將在周三召開聯(lián)儲有史以來第一場緊隨議息會議的新聞發(fā)布會。

　　But it is worry about the U.S. budget deficit that is intensifying the selloff. On Monday, investors were spooked by a warning from Standard & Poor's that it might take away the U.S. government's coveted AAA rating status amid concerns the Obama administration and Republicans in Congress might not be able to agree to significant reductions in the deficit.

　　 然而讓美元加快下跌的，卻是人們對美國預算赤字的擔憂。標準普爾(Standard & Poor's)上周一的一個警告嚇壞了投資者。它說，考慮到奧巴馬政府和國會共和黨人可能無法在大幅削減赤字的問題上達成一致，它可能將取消美國政府寶貴的AAA評級。

　　In addition, Chinese government officials have stepped up rhetoric hinting they might diversify their $3 trillion of currency reserves away from U.S. dollars. Such a shift would chip away at what has been a substantial source of dollar-buying in recent years. 

　　另外，中國政府官員已經(jīng)在以更高的聲調(diào)暗示他們可能將分散其3萬億美元的外匯儲備、降低美元資產(chǎn)的比重。這樣一種變化將會削弱美元近些年的一個重要買盤來源。

　　China has in recent weeks been allowing its currency, the yuan, to appreciate steadily. This poses two challenges to the dollar. First, the more Beijing lets its currency rise, the less it needs to buy dollars to offset yuan strength. Second, other Asian countries that compete with China for exports may also allow their currencies to strengthen against the dollar. 

　　近幾周中國一直在允許人民幣穩(wěn)步升值。這給美元構(gòu)成了兩個方面的挑戰(zhàn)。首先，北京越是允許人民幣升值，它通過購入美元抵消人民幣升值的必要性也就越少。其次，和中國存在出口競爭關系的其他亞洲國家可能也會允許本幣對美元升值。

　　Washington has been pushing Beijing to let the yuan rise against the dollar and other currencies, in order, among other things, to help reduce the U.S. trade deficit. But a continued decline in the value of the dollar is a double-edged sword for the U.S. economy. 

　　華盛頓一直在敦促北京允許人民幣對美元和其他貨幣升值，以實現(xiàn)幫助減少美國貿(mào)易赤字等目的。但美元如果是持續(xù)貶值，對于美國經(jīng)濟來說則會成為一把雙刃劍。

　　A weaker dollar is a boon for U.S. exporters by making their goods more competitively priced. This has been a tailwind for technology companies and manufacturers, a bright spot in the otherwise slow economic recovery.

　　美元走低對于美國出口企業(yè)來說是個利好，因為它使出口產(chǎn)品的價格更有競爭力。這已經(jīng)成為科技企業(yè)和制造企業(yè)的一個助推力。要是沒有這些亮點行業(yè)，美國經(jīng)濟的復蘇將是緩慢艱難的。

　　Since the recovery started in the third quarter of 2009, exports have contributed about 1.4 percentage points to the nation's 3.0% annualized growth rate, marking trade's biggest share of growth over an 18-month stretch on record. 

　　自從2009年第三季度美國經(jīng)濟開始復蘇以來，出口為全國3.0%的年化增長率貢獻了大約1.4個百分點，這是有記錄以來外貿(mào)在18個月時間段內(nèi)的最大增長貢獻。

　　But a weaker dollar hits strained consumers by raising the cost of imported oil, as exporters seek higher dollar-denominated crude prices to offset the dollar's waning value.

　　但隨著石油出口國試圖調(diào)高原油的美元價格以抵消美元價值的縮水，美元貶值會使美國進口石油價格上漲，給已經(jīng)捉襟見肘的消費者造成打擊。

　　To a certain extent, some U.S. officials see the dollar's decline as the inevitable result of disparate growth rates between the U.S. and the fast-growing developing world. Mr. Bernanke and Treasury Secretary Timothy Geithner have given no indication they want to alter their stance. 

　　從某種程度上講，一些美國官員認為美元的貶值是美國與迅速增長的發(fā)展中國家之間增速懸殊的必然結(jié)果。貝南克和美國財政部長蓋特納(Timothy Geithner)從未表示過他們希望改變立場。

　　Rebecca Patterson, chief markets strategist at JPMorgan Asset Management, doesn't foresee U.S. authorities intervening to stop the dollar's fall, unless there's evidence the weak dollar is taking a toll on the stock market.

　　摩根富林明資產(chǎn)管理(JPMorgan Asset Management)首席市場策略師帕特森(Rebecca Patterson)預計，美國當局不會出手干預、防止美元走軟，除非有證據(jù)表明疲弱的美元會給股市造成損失。

　　"The U.S. historically has only gotten active in the currency market when the dollar moves were spilling over into other assets," she says. "American voters care a lot more about stocks and their 401(k)s. If the dollar starts to undermine that, that's when the Treasury Department pays more attention."

　　她說，美國歷來只有在美元的走勢開始波及其他資產(chǎn)時，才會積極干預外匯市場。美國選民更加關心股市和401(k)退休福利。只有美元開始對股市和退休福利造成影響時，財政部才會更加關注美元。

　　One source of comfort for the government is that the dollar's decline has been orderly. Against a broad basket of currencies, the dollar is down 9.1% from a year ago. In 2003 and 2004─a period of very low interest rates engineered by Mr. Bernanke's predecessor, Alan Greenspan─it registered annual declines of closer to 10%.

　　令政府可以感到安心的一點是，美元的貶值一直是有序的。美元兌一籃子貨幣較去年同期貶值9.1%。2003年和2004年，也就是貝南克的前任格林斯潘(Alan Greenspan)實施 低利率的時期，美元兌一籃子貨幣每年貶值近10%。

　　While the weaker currency is helping to drive the recovery, it has also contributed to palpable public worries about inflation and the diminished standing of the U.S. on a global stage. The weak currency helps to drive up the price of oil in dollar terms, and therefore gasoline at the pump, exacerbating another political problem for Mr. Obama at the moment. An April Gallup poll found that 42% of Americans surveyed had little to no faith that the Fed would do the right thing for the economy, and 43% had little to no faith in Mr. Geithner.

　　 盡管美元的走軟將有助于推動復蘇進程，但也會令公眾對通貨膨脹和美國在全球舞臺上削弱的地位明顯感到擔心。疲弱的美元能夠幫助推高以美元計算的油價，進而推高汽油零售價，加劇眼下奧巴馬面臨的另一個政治問題。蓋洛普(Gallup) 4月份的一項民意調(diào)查顯示，有42%的受訪美國人對美聯(lián)儲將采取正確的經(jīng)濟政策信心微乎其微或沒有信心，有43%的受訪者對蓋特納信心微乎其微或沒有信心。

　　This past the week, the dollar, as measured by the index that tracks it against a basket of currencies, hit its lowest point since the 2008 financial crisis. Before the crisis began, the dollar had lost more than 40% of its value against the basket during a steady six-year decline, driven by many of the same factors bedeviling the currency today. The dollar is 5% away from its all-time low, hit in March 2008, as tracked by the dollar index, which dates back to 1971.

　　據(jù)跟蹤美元兌一籃子貨幣匯率的指數(shù)顯示，上周美元匯率創(chuàng)下2008年金融危機以來的最低點。危機爆發(fā)前，在持續(xù)六年的穩(wěn)步貶值期間，美元兌一攬子貨幣累計貶值逾40%，當時推動美元貶值的因素與目前造成美元走軟的很多因素相同。美元只要再跌5%，就會達到據(jù)美元指數(shù)紀錄2008年3月創(chuàng)下的有史以來最低點。美元指數(shù)跟蹤的數(shù)據(jù)可以追溯至1971年。

　　The dollar's weakness is even more striking in the face of the struggles facing the European Union and Japan, the U.S. currency's biggest rivals. Expectations are growing that Greece, which required a bailout from other euro-zone countries in 2010, will in coming months be forced to restructure its debt obligations. That could inflict losses on banks across Europe holding those bonds─an event that might be seen as a negative for the euro. 

　　鑒于美元最大的對手歐盟和日本面臨的問題，美元走軟的程度就更加驚人。有越來越多的人預計，2010年曾需要其他歐元區(qū)國家救助的希臘未來幾個月將被迫重組債務。希臘債務重組可能會給歐洲持有希臘債務的銀行帶來損失──這一事件可能被視為對歐元不利。

　　Japan is struggling to recover from the earthquake and subsequent nuclear disaster. The economic toll from the tragedy now looks as if it may play out for months. The biggest beneficiaries have been gold, which crossed $1,500 an ounce for the first time this week, and other commodities.

　　 日本正努力從地震和隨后的核災難中恢復。日本的災難對經(jīng)濟的打擊目前看來似乎還要持續(xù)數(shù)月。最大的受益者是黃金和其他大宗商品。上周黃金首次突破每盎司1500美元的關口。