Now it was a quiet, indirectionalist day for the stock market and also for bonds, but there was a very clear direction for currencies

這天股票債券市場沒什麼動靜，但貨幣出現了新的轉向

If you take a look at the Euro, you can see that it's now given up virtually all of its gains against the dollar for the year

仔細觀察歐元就能發現歐元今年兌美元的升值已幾乎全數還原

That's following the Thursday announcement from the ECB, which has been interpreted as very dovish

這發生在週四歐洲央行宣布被認為鴿派的利率政策之後

That strength of the dollar has turned into strength against other currencies, most significantly the Chinese yuan

美元升值造成其他貨幣貶值，尤其是人民幣

If you take a look at this chart, you can see that the yuan is now as weak as it's been against the dollar

從圖表可以看出目前人民幣對美元的匯率

at any point since very early in 2010 when the Chinese authorities decided to allow it to start appreciating gradually once more

是自從 2010 年中國政府開始允許人民幣升值以來的最低水平

I'm surprised this hasn't been talked about far more

我很驚訝這沒得到更多關注

Now if we take a look at the year-on-year rise in the trade-weighted dollar, you'll see something very significant for US companies

觀察貿易加權美元近幾年的同期數字可以看出美國企業何以受到影響

When the dollar is stronger over the year, that is a problem. It makes their overseas earnings look worse

美元幣值持續的升值將造成問題，會使得美國海外收益看起來更低

After a very brief reprieve, we are back to a period where the strong dollar harms US earnings

經過短暫的休息後，強勢美元再次使得美國收益下跌

And that's the New York Minute

這是 New York Minute