The dollar tumbled to near 16-month lows yesterday as traders took comments from a number of central bankers as a green light to continue dumping the currency and to use it as a funding tool to buy other assets.

美元昨日跌至近16个月以来的低点，交易员将一些央行行长的言论视为继续打压美元的信号，并利用美元作为融资工具，来购买其它资产。

This so-called carry trade is believed by many market players to be the main driver of the US unit's multi-month decline.

许多市场参与者认为，这种所谓的“套利交易”(carry trade)是美元连续数月来下跌的主要原因。

After trading within a tight range for nearly three weeks, the greenback suddenly lurched lower, breaching 74.50 on a trade-weighted basis – its weakest since the start of August 2008 – and decisively cutting through the $1.5050 mark versus the euro.

经过近3周的窄幅波动后，美元汇率突然走低，按贸易加权水平衡量的美元指数跌破了74.50，为2008年8月初以来的最低水平，欧元兑美元汇率决定性地突破了1.5050美元的关口。

It also fell heavily against the yen, at one point touching a 10-month trough of Y87.40, and neared parity with the Swiss franc. The moves are likely to have been exacerbated by thin trading ahead of today's US Thanksgiving holiday.

美元兑日元汇率也大幅下挫，一度触及87.40日元的10个月低点。同时美元兑瑞士法郎汇率接近等值。今日美国感恩节假期之前交投清淡，这可能加剧了美元的跌势。

Analysts said dollar selling was triggered by a statement in the minutes of the Federal Reserve's last policy meeting, released on Tuesday night, which described the dollar's recent decline as “orderly”. This was interpreted as meaning the Fed was not unduly concerned about the currency's weakness.

分析师表示，周二晚间公布的美联储(Fed)上一次政策会议纪要中的一份声明引发了美元抛盘。该声明指出，美元近期的下跌是“有序的”。市场对此的解读是：美联储没有过度担忧美元的疲软。

In addition, comments yesterday by an official at the Bundesbank claiming the level of the euro was not a concern for Germany, and talk from a Russian central bank official that the institution was making preparations to include the Canadian dollar in its reserves also hurt the US currency.

此外，德国央行(Bundesbank)的一位官员昨日声称，德国并不担心欧元汇率水平；同时俄罗斯央行官员称，准备将加拿大元纳入其外汇储备中。这些言论都打压了美元。

Mansoor Mohi-uddin, managing director of foreign exchange strategy at UBS, said: “The consensus of the markets remains bearish on the dollar. So headlines like these are keeping the greenback pressured.”

瑞银(UBS)外汇策略董事总经理毛希丁(Mansoor Mohi-uddin)表示：“市场仍然一致看空美元。因此这样的言论都令美元承压。”

But he argued that dollar weakness was overdone. “Investors feel G10 central banks are not prepared to change interest rates to make carry trades less attractive. Moreover investors feel that emerging market central banks will keep diversifying out of each new dollar of FX reserves they're accumulating.

但他表示，美元的疲软有些过头。“投资者觉得，十国集团(G10)成员国央行不准备调整利率，以降低套利交易的吸引力。此外投资者还认为，新兴市场各国央行在新增外汇储备中，将继续进行多元化调整，降低美元比例。”

“But the currency market is becoming one-way and therefore vulnerable to a sharp reversal in sentiment if these assumptions prove false,” said Mr Mohi-uddin.

毛希丁表示：“但外汇市场正变成单行道，因此如果这些假设被证明是错的，市场就容易受到人气突然逆转的冲击。”

译者/君悦