放寬貨幣政策後 歐元兌美元匯率下跌

The euro is heading for its weakest quarterly showing since the climax of the eurozone crisis in a lift to policy makers as they aim to fend off the threat of deflation and lift the bloc’s flagging economy.

歐元即將創下自歐元區危機達到高潮以來的最弱季度表現，這將讓政策制定者感到振奮，因爲他們希望抵禦通縮威脅、提振不斷走弱的歐元區經濟。

The single currency fell below $1.28 to the dollar for the first time in more than a year yesterday, taking its losses against the greenback since the start of July to 6.6 per cent. That puts it on course for its steepest quarterly fall since the autumn of 2011, when fears of the currency bloc imploding were at their height.

昨日，歐元兌美元匯率在一年多以來首次跌至1歐元兌1.28美元以下，相對於7月初的水平下跌了6.6%。照目前的趨勢，歐元兌美元匯率將創下自2011年秋人們對歐元區崩潰的擔憂情緒達到頂峯以來，幅度最大的季度下跌。

The depreciation stems from the radical steps taken by the European Central Bank to loosen monetary policy since June, including this month’s cuts in interest rates and the announcement it would start buying private sector assets.

歐元貶值源於歐洲央行(ECB)自6月起採取了激進舉措來放寬貨幣政策，包括本月的降息，以及宣佈將開始購買私營部門資產。

But it also reflects a rally in the dollar that has gained momentum in recent weeks as the US Federal Reserve nears the end of its quantitative easing programme and investors look to the prospect of US interest rates rising in 2015.

不過，歐元兌美元匯率下跌還反映出了美元的回升，後者近幾周來表現強勁——美聯儲(Fed)的量化寬鬆計劃即將告終，投資者則在關注美國在2015年加息的前景。

“The exchange rate movement reflects the different path of monetary policies in Europe versus the monetary policies in other important countries,” Mario Draghi, ECB president, told broadcasters. The ECB’s monetary policy would remain loose “for an extended period of time while other countries monetary policies may gradually acknowledge that recovery is taking place in their countries,” he said.

歐洲央行行長馬里奧•德拉吉(Mario Draghi)在電視上發表講話稱：“匯率的變化反映出歐洲相對於其他重要國家在貨幣政策方面的不同路線。”他說，歐洲央行仍將“在相當長的時間內”維持寬鬆的貨幣政策，“而其他國家的貨幣政策或許會逐漸反映出它們正在出現的復甦”。

The Fed has stressed the course of its monetary policy will be determined by economic data. The Fed has hinted at possible rate rises by the middle of next year, but the currency and bond markets are pricing in an increase by March, if the US economy gathers momentum.

美聯儲強調，其貨幣政策路線將識經濟數據情況而定。美聯儲已暗示可能不遲於明年年中加息，但外匯和債券市場目前的預期是不遲於明年3月加息，前提是美國經濟增長勢頭加速。