Even though the Fed has not yet started raising interest rates, the well-established US economic recovery and the prospect of monetary tightening have, over the last year, caused the dollar to appreciate sharply against most currencies, those of emerging markets and advanced countries alike. If the Fed tightens as early as the middle of this year, further dollar appreciation is likely.
尽管美联储尚未开始加息，但美国稳固的经济复苏和货币紧缩预期已经在过去一年中造成美元兑多数新兴市场和发达国家货币大幅升值。如果美联储于年中收紧货币政策，有很大可能美元还会进一步升值。那些一直在玩货币错配的人很可能将引火烧身。