We think lower German interest rates in due course will allow European currencies to depreciate against the dollar bloc.

我们认为较低的德国利率到时候将容许欧洲货币相对于美元集团货币发生贬值。

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The collapse of the dollar bloc, if it continues, will add to this exchange-rate volatility and in the worst case make it easier for beggar-thy-neighbor currency manipulation.

美元集团的倒塌，如果继续下去，将加重这次汇率波动，以及，在最坏的情况下，使得“以邻为壑”的货币操作更加容易。

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The other great casualty of the Fed's blunder has been the global dollar bloc.

另一个美联储失策的大牺牲品是全球的美元集团。

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Hovering near 11-month lows, the euro strengthened only slightly against the dollar as investors feared that credit downgrades were looming for members of the 17-nation currency bloc.

WSJ: Euro Maintains $1.30 Level