欧元日趋成为利差交易对象 Euro shift highlights revival in carry trade

The borrowing of euros by traders to invest in global assets is rising in a shift that banks say marks the start of a revival of so-called carry trade in currency markets.	交易员借入欧元投资全球资产的行为正在增多，银行称，这一转变标志着外汇市场上的利差交易开始复苏。
Reduced expectations of a third round of quantitative easing of monetary policy in the US combined with predictions that the European Central Bank will cut interest rates further are leading global investors to use the euro as a funding currency for carry trades.	美国推出第三轮定量宽松货币政策(QE3)的预期降温，再加上市场预测欧洲央行(ECB)将进一步降息，这些因素正促使全球投资者把欧元用作利差交易的融资货币。
Such trades benefit from a fall in the euro as traders typically borrow the funds in the single currency, then sell it to take positions with other currencies. When they pay back the borrowings, the traders then benefit from any fall in the euro.	这些交易得益于欧元贬值，因为交易员一般会借入欧元资金，然后卖出欧元利用其它货币建仓。当他们偿还借款时，交易员就会从欧元贬值中受益。
In turn such carry trades can spur a fall in the euro. Traders say this is one reason why the euro has been the worst performing major currency this year, while currencies that benefit from an improvement in risk appetite including the Australian dollar and the Mexican peso are among the best performers.	这些利差交易进而可能会促使欧元贬值。交易员表示，欧元今年迄今是表现最差的主要货币，而澳元和墨西哥比索等受益于风险偏好上升的货币则位于表现最佳货币之列，利差交易就是原因之一。
The euro hit fresh 16-month lows below $1.27 yesterday before rising slightly in what traders said was largely covering of short positions.	欧元兑美元汇率昨日触及16个月新低，位于1.27美元下方，然后在交易员所称的基本上是空头回补的操作中略有上涨。
As evidence of the increased use of the euro to fund trading positions, investment banks cite data that hedge funds are now shorting the euro at record levels as bearishness over the single currency has increased.	作为利用欧元为交易头寸融资的行为增多的证据，投行引用数据称，随着对欧元的悲观情绪加剧，对冲基金正以空前规模做空欧元。
Traders held a record 139,000 short positions against the euro last week, according to data from US Commodity Futures Trading Commission that is widely seen as a proxy for broader trading activity.	根据美国商品期货交易委员会(CFTC)的数据，交易员上周持有针对欧元的创纪录的13.9万个空头头寸，该数据被普遍视为代表了整体交易活动。
Investment banks said that other long-term investors outside the US were also starting to fund their positions in euros, with expectations that interest rates would go lower making it cheaper to borrow the currency	投行称，美国以外的其他长期投资者也正开始用欧元为它们的交易头寸融资，人们预测，欧元利率将下跌，这将降低借入欧元的成本。