But it also reflects herd behaviour in financial markets.
但这也反映出了金融市场的羊群效应。
Exchange rates often provide useful warnings about emerging imbalances, but overconfidence and herd behaviour weakened the signal.
汇率通常会对正在出现的不平衡提出警告，但过度自信和群体行为则削弱了这一信号。
Herd behaviour and psychological feedback loops play a critical part in all stock market crashes but analysts have also tried to look for external triggering events.
从众行为和心理上的反馈回路在所有股市崩溃中起到关键作用。不过分析家们也试图找到外部的触发事件。
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