The sharp rise in the US dollar may slice more than $100bn off dollar-denominated revenues at some of America’s largest multinationals¹ this year, a sum larger than the combined sales of Nike,McDonald’s and Goldman Sachs, according to a Financial Times analysis. 英国《金融时报》一份分析报告显示，美元大幅升值可能导致今年部分美国大型跨国公司以美元计价的收入减少逾1000亿美元，这一数字将超过耐克(Nike)、麦当劳(McDonald's)以及高盛(Goldman Sachs)三家企业的收入总额。

In the first half of the year, 10 of the largest US multinationals have had their sales reduced by a combined $31bn — including blue-chip companies like Apple, General Motors, IBM, Amazon and General Electric — and concerns have mounted that a move by the Federal Reserve to lift interest rates later this year will push the dollar higher. 今年上半年，10家美国大型跨国公司——包括苹果(Apple)、通用汽车(General Motors)、IBM、亚马逊(Amazon)及通用电气(General Electric)等蓝筹公司——的收入共计减少310亿美元，而且人们现在越来越担心美联储(Fed)今年晚些时候的加息举措会进一步推高美元汇率。

“Large multinationals are taking a hit from the stronger US currency,” David Lebovitz, market strategist with JPMorgan Asset Management, said. “You have downward pressure on the euro and yen² coming from central banks in those regions and given a relatively³ unfavourable backdrop in emerging markets, we’re seeing currency depreciation⁴ there.” “大型跨国公司正受到美元走强的冲击，”摩根大通资产管理(JPMorgan Asset Management)市场策略师戴维?莱博维茨(David Lebovitz)表示，“欧元与日元面临各自地区央行施加的下行压力，而且，考虑到新兴市场相对不利的处境，我们看到这些地区的货币正在贬值。”

Companies within the S&P 500 earned roughly 48 per cent of their revenues abroad in 2014, according to data from S&P Dow Jones Indices. A weak US dollar in years past had bolstered⁵ American multinationals, which benefited when they translated sales earned abroad back into the greenback. 标普道琼斯指数公司(S&P Dow Jones Indices)数据显示，2014年，标普500指数(S&P 500)成份股公司约48%的收入来自海外。弱势美元在过去几年提振了美国跨国公司的业绩，这些公司的海外收入以美元计价的话增幅要大一些。

But diverging⁶ monetary⁷ policies have pushed the trade-weighted dollar 19 per cent above year-ago levels, including a 22 per cent gain against the euro. That has depressed⁸ top-line growth, particularly for internet and technology groups, which earn more revenues outside the US than any other sector⁹. Although more than 70 per cent of S&P 500 companies have beaten earnings¹⁰ expectations, just 42 per cent have eclipsed sales projections¹¹ — 41 per cent have fallen short of consensus¹² revenue forecasts. 但各地区日趋分化的货币政策已使贸易加权美元指数比上年同期升高了19%，美元相对欧元则升值了22%。这削弱了收入增长，尤其是互联网与科技企业的收入增长，这些企业的海外收入比例比任何其他行业都高。尽管在标普500指数成份股公司当中，有逾70%的公司的盈利强于预期，但只有42%的公司的收入强于预期，有41%的公司的收入逊于共识预期。

“This whole expansion has not been strong in terms of revenue growth,” said David Lefkowitz, an equity¹³ strategist at UBS Wealth Management. He said UBS believed the dollar would shave 3 to 4 per cent from total S&P 500 revenues of $10.7tn this year, or upwards¹⁴ of $300bn. 瑞银财富管理(UBS Wealth Management)股票策略师戴维?莱夫科维茨(David Lefkowitz)说：“从收入增长看，整个扩张趋势并不强劲。”他表示，瑞银认为，今年美元升值将令标普500指数成份股公司10.7万亿美元的总收入减少3%至4%，相当于3000亿美元以上。

The FT analysis showed a $28.9bn loss to sales in the second quarter so far, or 3.3 per cent of the $863bn in reported revenues. That compares with $23bn in the first three months of the year, or 2.7 per cent of first-quarter revenues. 英国《金融时报》的分析显示，到目前为止，第二季度销售收入减少289亿美元，相当于8630亿美元报告收入的3.3%。而今年第一季度销售收入减少230亿美元，相当于第一季度收入的2.7%。

The report covered more than 100 of the US corporates in the S&P 500 that have reported both first and second-quarter earnings — and was limited by a lack of disclosure of foreign exchange effects from dozens of companies.

英国《金融时报》的分析报告涵盖了标普500指数成份股公司中逾100家已公布第一季度和第二季度财报的美国公司，但其局限之处在于，有数十家公司没有披露自己受到的汇率影响。