【新闻精讲】

The euro recently fell to its lowest level since 2003.Britain’s Brexit vote has had an even bigger effect on the pound, which has fallen to $1.21, a31-year low.According to the Big Mac index, the euro and the pound are undervalued against the dollar by19.7% and 26.3%, respectively.
One of the drawbacks of the Big Mac index is that it takes no account of labour costs.It should surprise no one that a Big Mac costs less in Shanghai than it does in San Francisco, since Chinese workers earn far less than their American counterparts.So in a slightly more sophisticated version of the Big Mac index, we take account of a country’s average income.
Historically, this adjustment has tended to raise currencies’ valuations against the dollar, so emerging-market currencies tend to look more reasonably priced.
The Chinese yuan, for example, is 44% undervalued against the dollar according to our baseline Big Mac index, but only 7% according to the adjusted one.The deluxe Big Mac index has typically made rich-world currencies look more expensive.
Because western Europeans have higher costs of living and lower incomes than Americans, the euro has traded at around a 25% premium against the dollar in income-adjusted burger terms since the euro’s inception.
But what once seemed to be an immutable axiom of burgernomics is true no longer.So strong is the dollar that even the adjusted Big Mac index finds the euro undervalued.
The dollar is now trading at a 14-year high in trade-weighted terms.Emerging-world economies may struggle to pay off dollar-denominated debts.American firms may find themselves at a disadvantage against foreign competition.And American tourists will get more burgers for their buck in Europe.

【精讲文本】
The euro recently fell to its lowest level since 2003.
欧元近来跌至自2003年来的最低水平。
Britain’s Brexit vote has had an even bigger effect on the pound, which has fallen to $1.21, a 31-year low.
英国的脱欧公投已给英镑带来的影响甚至更大，英镑已经跌至1.21美元，是31年来的最低水平。
Brexit
英国退欧
Effect
1. 效果，特效
2. 印象
例：The whole effect is cool, light, and airy.
整体印象是凉爽、明亮和通风。
3. 个人财物
例：His daughters were collecting his effects.
他的女儿们正在收集他的个人物品。

According to the Big Mac index, the euro and the pound are undervalued against the dollar by 19.7% and 26.3%, respectively.
根据巨无霸汉堡指数，欧元和英镑兑美元汇率各被低估19.7%和26.3%。
Respectively
分别地
例：Their sons were three and six respectively.
他们的儿子们分别是3岁和6岁。
Pound
1. 英镑
2. 认领处
例：The car remained in the police pound for a month.
那辆汽车在警察局违章车辆认领处停放了一个月。
3. 捣碎
例：She pounded the corn kernels. 她捣碎了玉米粒。

One of the drawbacks of the Big Mac index is that it takes no account of labour costs.
巨无霸汉堡指数的缺陷之一是没有考虑劳动力成本。
Drawback
缺点; 障碍
例：He felt the apartment's only drawback was that it was too small.
他感觉这个公寓惟一的缺点就是太小。

It should surprise no one that a Big Mac costs less in Shanghai than it does in San Francisco, since Chinese workers earn far less than their American counterparts.
如果说一个上海的巨无霸汉堡成本低于旧金山的，应该也不会令人意外，因为中国劳工收入远远低于他们在美国的同行们。
Counterpart
对应的人或物
例：As soon as he heard what was afoot, he telephoned his German and Italian counterparts to protest.
他一听到在进行中的事，马上就给德国和意大利相应人员打电话抗议。

So in a slightly more sophisticated version of the Big Mac index, we take account of a country’s average income.
因此，在稍微复杂一些的巨无霸汉堡指数中，我们考虑了一国的平均收入。
Sophisticated
1. 高级的; 复杂的
例：Honeybees use one of the most sophisticated communication systems of any insect.
蜜蜂所使用的交流系统是昆虫中最复杂的之一。
2. 老练的; 久经世故的
例：Claude was a charming, sophisticated companion.
克劳德是个有魅力、见多识广的伙伴。

Historically, this adjustment has tended to raise currencies’ valuations against the dollar, so emerging-market currencies tend to look more reasonably priced.
从历史上来看，这种调整意在提高货币兑美元的估价，因此新兴货币的价格看起来会更加合理。
tend to
倾向于
例句:We tend to think in absolutes.
我们思考问题倾向于绝对化。
Tend
照顾; 照管
例：to tend to someone's needs

The Chinese yuan, for example, is 44% undervalued against the dollar according to our baseline Big Mac index, but only 7% according to the adjusted one.
以中国的人民币为例，根据我们的基线巨无霸汉堡指数，兑美元的汇率被低估44%，但是根据调整后的指数计算，仅被低估7%。
The deluxe Big Mac index has typically made rich-world currencies look more expensive.
豪华版的巨无霸汉堡指数通常使得富裕国家货币显得更高昂。
Deluxe
高级的; 奢华的
例：...a rare, highly prized deluxe wine.
…一瓶罕见的名贵葡萄酒。

Because western Europeans have higher costs of living and lower incomes than Americans, the euro has traded at around a 25% premium against the dollar in income-adjusted burger terms since the euro’s inception.
但是，因为西欧居民相比美国居民的生活成本更高、收入更低，所以以收入调整的汉堡指数来看，自欧元启动以来，欧元对美元的兑换比率存在大约25%的溢价。
Premium 成本，保费
At premium 求之难得
例：If space is at a premium, choose adaptable furniture that won't fill the room.
如果空间很有限，就选购不太占地方的可改装家具。
Inception
1. 开始; 开端
例：Since its inception the company has produced 53 different aircraft designs.
该公司自成立以来已经设计出53种不同的飞行器。
2. 《盗梦空间》（电影名）

But what once seemed to be an immutable axiom of burgernomics is true no longer.
但是过去一直被认为是真理的汉堡经济原理不再一定正确了。
So strong is the dollar that even the adjusted Big Mac index finds the euro undervalued.
美元如此强势以至于用调整后的巨无霸汉堡指数都得出欧元低估的结论。
Immutable 永恒的; 永远不变的
例：...the eternal and immutable principles of right and wrong.
...这些永恒不变的对与错的原则。
Axiom
公理
例：...the long-held axiom that education leads to higher income.
...教育会带来高收入这一长期公认的观念。

The dollar is now trading at a 14-year high in trade-weighted terms.
以贸易加权的角度看，美元汇率现在正处在十四年来的高点。
Emerging-world economies may struggle to pay off dollar-denominated debts.
新兴世界经济体也许将艰难地支付美元标价的债务。
pay off 偿还
例句:It would take him the rest of his life to pay off that loan.
他得用余生来还清那笔贷款。
Struggle
努力; 斗争 = strive
例：Life became a struggle for survival.
生活变成了一场争取生存的斗争。

American firms may find themselves at a disadvantage against foreign competition.
美国企业或许将发觉自己面对外国竞争处于不利地位。
And American tourists will get more burgers for their buck in Europe.
同时，美国游客将可以用他们的美元在欧洲买到更多的汉堡包。
Buck
1. (雄鹿、公羊、雄兔、雄袋鼠等) 雄性动物
2. 美元; 澳元
例：That would probably cost you about fifty bucks.
那可能会花费你大约五十美元。