Battles to come
战斗将至
Why a stronger dollar is dangerous
为什么美元走强很危险
It sets the stage for a nasty new Trump-China clash, among other things
这为特朗普与中国之间再爆发险恶冲突埋下了伏笔
- 拓展学习：小词详解 | trump
- clash 冲突，矛盾
THE DOLLAR is looking formidable. As American growth has stayed strong and investors have scaled back bets that the Federal Reserve will cut interest rates, money has flooded into the country’s markets—and the greenback has shot up. It has risen by 4% this year, measured against a trade-weighted basket of currencies; the fundamentals point to further appreciation. With a presidential election looming, and both Democrats and Republicans determined to promote American manufacturing, the world is on the verge of a new period of strong-dollar geopolitics.
美元简直势如破竹。随着美国经济保持强劲增长，以及投资者下调对美联储将降息的押注，资金涌入美国市场——结果是美元飙升。与一篮子贸易加权货币相比，今年美元升值了4%；基本面表明美元会进一步升值。随着总统大选临近，加上民主党和共和党都决心振兴美国制造业，世界即将进入一个强势美元地缘政治的新时期。
- formidable 指“可怕的、令人敬畏的”以及“艰巨的、难对付的” （参见：小词详解 | formidable）
- 拓展学习：熟词僻义 | appreciate 能提升什么价值？
- loom 表示“赫然耸现、隐约显现”或“战争、危机等危险性事物阴森地逼近”（参见：小词详解 | loom）
This situation is made still more difficult by the fact that the currency’s strength reflects weakness elsewhere. By the end of 2023, America’s economy was 8% larger than at the end of 2019. Those of Britain, France, Germany and Japan each grew by less than 2% during the same period. The yen is at a 34-year low against the dollar. The euro has dropped to $1.07 from $1.10 at the start of the year (see chart 1). Some traders are now betting that the pair will reach parity by the beginning of next year.
美元的强势反映出其他地区的疲软，这让形势变得更加严峻。2023年底，美国经济相比2019年底增长了8%。同期，英国、法国、德国和日本的经济增长都不到2%。日元兑美元汇率跌至34年来的最低点。欧元兑美元已从年初的1.10跌至1.07（见图表1）。一些交易员现在押注欧元和美元将在明年年初持平。
- parity （两国货币的）平价
