歐元兌美元昨天升至1.25美元之上，首次突破這一重要的心理關口。今年年初，很多較大膽的外匯策略師曾預測說，1.25美元將是今年的年終目標，但當時很少有人相信歐元的漲勢會持續這么久。

The euro rose above the psychologically important level of .25 against the dollar for the first time yesterday. The level was forecast as a year-end target by more daring strategists earlier this year, but few had believed the single currency's gains would continue for so long.

    昨天的交易中，歐元兌美元達到1比1.2511，從而在本月第15次創下歷史新高。今年以來，歐元已上漲16%，單是12月就上漲了4%。

Yesterday's move, to .2511, took the euro to its 15th lifetime high this month against the dollar. The single currency has risen 16 per cent this year and has gained nearly 4 per cent in December alone.

    由于假期因素，市場交易量較小，但一位交易商表示，對于圣誕節后的平靜時期而言，交易活動“比較活躍”。

Trading volumes were lower given the holiday season, but one dealer said activity was "relatively brisk" for the post-Christmas lull.

    在昨天的交易中，市場對美國經常賬戶赤字的憂慮仍然對美元構成壓力。但市場解除了另外一種擔心：即歐元上漲導致歐元區實際出現了銀根緊縮狀況，從而可能對其脆弱的經濟復蘇造成破壞。

Fears about the US current account deficit yesterday continued to weigh on the dollar. The market also shrugged off concerns over the potential damage to the eurozone's fragile recovery from the effective monetary tightening created by the euro's rise.

    歐洲央行的一位官員本周警告說，歐元升值已導致歐元區經濟前景出現少許不確定因素。

A European Central Bank official this week warned the euro's rally had introduced an element of uncertaintysintos the outlook for the eurozone economy.

    但經濟咨詢公司4Cast的貨幣策略師保羅•貝德納齊克(Paul Bednarczyk)昨天表示，在歐元兌美元達到1比1.35前，歐洲央行不會認真考慮入市干預，以阻止歐元幣值的上升。

But Paul Bednarczyk, currency strategist at 4Cast economic consultancy, yesterday suggested the ECB would not seriously consider intervening to halt the euro's rise until it reached .35.

    外匯投資者昨天似乎在支持這一觀點，因為隨著歐元兌美元匯率已突破1比1.25的關口，預計許多投資者將會增加歐元的多頭倉位。

Currency investors yesterday appeared to be endorsing that view with many expected to extend their long-euro bets now .25 had been breached.

    此外，荷蘭銀行(ABN Amro)的分析師表示，該行的持倉量指標顯示，目前歐元的多頭倉位水平僅為5月份的75%左右。

Moreover analysts at ABN Amro said the bank's indicator of positioning suggested long-euro positions were only at about 75 per cent of the levels seen in May.

    譯者/李功文