The clock is ticking for the dollar. The world’s reserve currency faces a testing period with the resumption of key economic reports that stand to determine how long the Federal Reserve will continue with its highly accommodative policy of money printing.		留给美元的时间不多了。近期要发布的新一轮关键经济数据将决定美联储(Fed)会在多长时间内维持其超宽松货币政策，身为全球储备货币的美元将面临考验期。
Over the past three months, doubts about the economy’s strength and a September delay by the Fed in starting to taper its $85bn monthly bond buying have hit the currency. Traders are now focused on whether the economy shows signs of suffering after this month’s shutdown of the US government.		过去3个月里，美国经济的增长势头遭到怀疑，加之美联储9月份决定推迟缩减量化宽松（目前每月要购买850亿美元债券），令美元受到影响。交易员如今关注的是，美国经济是否会在本月美国政府关门事件后显示出颓势。
Some think the prospect of a taper will not arrive until March 2014, at the earliest, as the Fed waits to see how the economy has been affected by the shutdown. The expectation of another Washington fiscal battle in the new year could overshadow activity.		一些人认为，由于美联储想花些时间观察政府关门对美国经济产生的影响，缩减量化宽松的行动最早也要等到2014年3月才会到来。明年新年之际华盛顿或再次上演财政斗争，这种预期可能会为美元的活力蒙上阴影。
A further downshift in the fortunes of the dollar, sitting at its lowest level since February, stands to intensify the attraction of emerging markets and the reach of investors for higher-yielding bonds.		如果美元汇率进一步下跌，将加大新兴市场的吸引力，投资者也将把触角更多地伸向收益率更高的债券。美元汇率现处于2月份以来的低点。
Emerging markets have enjoyed the reversal in the dollar since July. Stocks in Brazil have jumped 23 per cent and India’s equity market is up 17 per cent. In that time, the S&P 500 has gained 11 per cent.		7月份以来美元走势发生的逆转，已令新兴市场受益。巴西股市大涨23%，印度股市上扬17%。与此同时，标普500指数(S&P 500)上涨11%。
The bigger story within the currency market, however, is the demise of volatility or the risk of sudden and unexpected changes in the direction of prices.		但汇市更重大的新闻是，汇率波动性或汇率走向突变风险大幅降低。三月期欧元期权的隐含波动率处在六年低点，日元波动率自今年1月来首次回落至10%以下。
The three-month implied measure for the euro sits at a six-year low, with yen volatility back below 10 per cent for the first time since January.		澳元和加元等货币的情况类似。波动性降低有利于息差交易，也会在总体上增强投资者的风险偏好。
It is a similar story for other currencies, such as the Australian and Canadian dollars, and lower volatility facilitates carry trades and in general a higher appetite for risk taking.		虽然美元受益于昨日的小幅支撑，但这一支撑的效果恐怕不会持续多长时间。由于外汇交易员已将注意力放到10月份及以后的数据上，因此，即使今天发布的9月份就业数据颇为强劲，市场可能也会无视这一利好消息。
While the dollar was the beneficiary of modest support yesterday, it may well be shortlived. Even the boost of a strong September jobs report today may be dismissed in part as currency traders look ahead to October’s data and beyond.