VOA慢速英语-Economics Report - Talking Up the Dollar

Paulson suggests that intervention¹ in currency markets is possible, but Bush may not agree. Transcript² of radio broadcast:
12 June 2008

This is the VOA Special English Economics Report.

For several years now, the dollar has fallen lower and lower against other major currencies. Lately, though, the dollar has risen, especially against the Japanese yen³ and the euro. Some traders think the dollar will continue to rise, but that is not clear.

The dollar moved up this week after comments by American officials in support of a strong dollar policy.

On Monday, before he left for his last trip as president to Europe, George Bush said: "A strong dollar is in our nation's interests. It is in the interests of the global economy." Also Monday, Treasury⁴ Secretary Henry Paulson said on CNBC television that he would consider intervention to keep the dollar from sliding further.

The United States has not intervened in currency markets since two thousand. That year the administration of president Bill Clinton bought euros to support the European currency.
　

President Bush in Slovenia during what is expected to be the last trip of his presidency5 to Europe. He appears at a news conference with Slovenian Prime Minister Janez Jansa, center, and European Commission President Jose Manuel Barroso.

But on Tuesday, President Bush said in Slovenia that the "relative value of economies will end up setting the proper valuation of the dollar."

A weaker dollar helps American exporters. But it means Americans have to pay more for imports and for travel to other countries.

Some experts say dollar weakness is the main reason why oil prices have risen so high. Oil is priced in dollars on the world market.

But Treasury Secretary Paulson dismissed any link. He noted⁶ that since two thousand two, the dollar has fallen about twenty-four percent. But the price of oil has gone up well over five hundred percent.

Adding to pressure on the dollar, European Central Bank President Jean-Claude Trichet suggested that the E.C.B will raise interest rates next month. European officials are increasingly concerned with inflation. But investors⁷ can already get higher rates of return on investments in euros than in dollars.

High prices for oil, food and other products have raised inflation concerns worldwide. Federal Reserve Chairman Ben Bernanke said the latest increases in energy prices have added to inflation risks.

His comments in recent days have suggested that the central bank could stop cutting rates as it has since September. Its rate for overnight loans between banks is currently at two percent. Some market watchers think the Fed could raise rates as early as this month.

Finance ministers from nations in the Group of Eight will discuss the dollar and other issues at their meeting this weekend in Osaka, Japan.

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Bob Doughty⁸.

1 intervention   

n.介入，干涉，干预

参考例句：

• The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
• Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。

2 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

3 yen   

n. 日元；热望

参考例句：

• He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
• He has a yen to be alone in a boat.他渴望独自呆在一条船上。

4 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

5 presidency   

n.总统(校长，总经理)的职位(任期)

参考例句：

• Roosevelt was elected four times to the presidency of the United States.罗斯福连续当选四届美国总统。
• Two candidates are emerging as contestants for the presidency.两位候选人最终成为总统职位竞争者。

6 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

7 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

8 doughty   

adj.勇猛的，坚强的

参考例句：

• Most of successful men have the characteristics of contumacy and doughty.绝大多数成功人士都有共同的特质：脾气倔强，性格刚强。
• The doughty old man battled his illness with fierce determination.坚强的老人用巨大毅力与疾病作斗争。