Trade deficits and surpluses also matter, as do stock-market and property valuations, the cyclical outlook for corporate profits, and positive or negative surprises for economic growth and inflation. On most of these grounds, the dollar has been the world’s most attractive currency since 2009; but as economic recovery spreads from the US to Japan and Europe, the tables are starting to turn.
此外，货币政策不是汇率的唯一决定因素。贸易赤字和盈余也很重要，股市和房地产市场估值、公司利润的周期前景、经济增长和通胀的积极和消极意外亦然。在这些因素中，自2009年以来美元一直是全世界最吸引人的货币；但随着经济复苏从美国扩及日本和欧洲，情况开始发生变化。