The U.S. dollar has slumped¹ lately following a breath-taking rally.

美元在惊人的强势后开始暴跌。

Since mid-April, the dollar has declined by 7% versus² the euro and 6% versus the British pound, moving b ack to levels last seen around January.

从4月中旬开始,美元兑欧元已经下跌了7% , 兑英镑下跌了6% ,已经跌回了一月份的级别。

The greenback enjoyed its fastest rise in 40 years in the back half of 2014 and early 2015.

美元在2014年下半年和2015年早期经历了它40年来最快的涨幅。

But now, after a clear bout³ of weakness, currency strategists are split over whether the currency will rally again.

到现在，在一轮明显的走弱之后，对货币政策是否应该重新走强存在分歧。

Here are the main factors behind the decline:

下面是这轮下跌的主要因素：

1. Weaker-than-expected economy: Traders have pushed the dollar lower after a string of disappointing ec onomic releases raised questions over whether the U.S. Federal Reserve will raise interest rates later th is year, as previously⁴ expected.

1.比预期更弱的经济：在令人沮丧的经济数据提升了对美联储是否会如期在今年下半年上调利率的质疑后，贸易商推动美元走弱。

"If we continue to see weak economic data, then a rate hike could be priced out for 2015 altogether," sa id Kathleen Brooks⁵, a research director at F0REX.com. "The (dollar) downtrend seems fairly entrenched⁶."

“如果我们继续看到疲弱的经济数据，那么, 2015年上调利率是不可能的,”FOREX市场调研总监凯思林·布吕克斯说：“（美元）走弱趋势看起来已经建立。”

But others think a dollar rebound⁷ may be around the corner.

但是,其他一些人认为，美元反弹即将来临。

"Although currency markets remain disappointed with U.S. economic data and have therefore curtailed⁸ the strong dollar bias⁹, the majority of economists¹⁰ still believe that the Fed will hike in September," said Boris Schlossberg, managing director of FX strategy at BK Asset Management.

布鲁克斯资产管理公司外汇策略总经理鲍里斯·斯伯格说，"即使货币市场被美国经济数据拖累，并因此减弱了强美元的趋势，主流经济学家仍然相信，美联储将在9月份上调利率。"

If a rate hike comes in September, "the greenback could get its groove¹² back relatively¹³ quickly," he said.

如果利率在9月份被上调，他说，"美元指数就会相对快速的反弹。"

Shahab Jalinoos, head of global FX strategy at Credit Suisse, predicts the recent pullback is temporary.

瑞士信贷全球战略经理谢哈布·杰里努斯预测，最近的下跌是暂时的。

"The recent [dollar] pause fits the pattern of previous bull markets," he said in a research report. "Given how far and fast the dollar had run, a consolidation¹⁴ was overdue¹⁵."

"最近的“美元”下跌符合之前的牛市节奏，"他在一份调研报告中说，"考虑到美元升值的速度和广度，反弹一定会到来。"

Jalinoos said the average pullback after a big dollar rally is 6% and lasts for roughly two months, on average.

杰里努斯说，这个在美元大升值过程中的一般性下跌是6%，会维持大概两个月，一般来说。

2. Strength in Europe: Market strategists were chattering¹⁶ non-stop in January about Europe's economic weakness and deflation concerns. The euro dropped sharply as the dollar was powering forward, but now the trend has reversed as the eurozone has performed better than expected and deflation concerns have receded¹⁷.

2.欧洲的强势：市场策略顾问们在一月份总是对欧洲经济的疲弱和通货紧缩的担忧喋喋不休。欧元之前兑美元急剧下跌，但是，现在情况翻转过来了，欧元区表现比之前估计的要好得多，通货紧缩的担忧已经不大了。

Citi currency specialist Steven Englander explained that it's more about the euro strength right now and less about the dollar weakness.

花旗银行货币专家史蒂文·英格兰德解释称，更多是因为欧元走强，而不是美元走弱。

Furthermore, bond yields in Europe have bounced back recently.

此外，欧洲的债券收益率最近也反弹了。

"The yield story has ... been a key underlying¹⁸ force (behind the euro), given the reversal we've seen in European yields and in particular Germany," said Simon Smith, chief economist¹¹ at FxPro.

福宝外汇的高级经济学家西蒙·史密斯说，"考虑到欧洲收益率尤其是德国收益率的翻转，收益率是。。。一个（在欧元背后）让欧元走强的潜在力量。"

But Credit Suisse's Jalinoos thinks the euro will drop back down in the second half of the year.

但是，瑞士信贷的吉利努斯认为，欧元将在今年下半年贬回去。