Translation of "Aufwertungsdruck" in English

Such capital imports, though, exerted strong upward pressure on the exchange rate.

This two-pronged approach is designed to ease the upward pressure on the Swiss franc.

However, upward pressure on the Swiss franc remained.

Thus, such controls are ineffective in reducing short-term cyclical pressure on the currency to appreciate.

Both the willingness to intervene and the negative interest rate help to counter the upward pressure on the Swiss franc.

The Swiss National Bank (SNB) has responded to the appreciation pressure by taking exceptional measures.

In the subsequent days, the Swiss franc came under strong upward pressure, especially against the euro.

Notwithstanding the considerable past consolidation achievements and the pension reform impact, accelerating the deficit reduction, in particular in 2005, would help the implementation of Slovakia's euro adoption strategy, enhance fiscal credibility in an ERM2 context, foster counter-cyclicality, and could assist in stemming appreciation pressures.

As long as China was running a trade surplus and receiving net inflows of foreign direct investment, the RMB remained under upward pressure.

Fearing domestic asset-price bubbles and upward pressure on their currencies from an inward rush of capital, many emerging-economy leaders complained loudly about what Brazilian Finance Minister Guido Mantega called an “international currency war.”

Indeed, the accession countries that have not implemented a currency board have seen their budget deficits surge--exceeding 9% of GDP in Hungary in 2002 and more than 5% in Poland, the Czech Republic, and Slovakia--while large capital inflows have kept their currencies under strong pressure to appreciate.

This may be the right response if the inflows and upward pressure on the exchange rate are driven by fundamental factors (a current-account surplus, an undervalued currency, a large and persistent growth differential).

As a result, most emerging-market economies are now similarly worried about currency appreciation, lest they lose competitiveness relative to China, and are intervening aggressively and/or imposing capital controls to stem upward exchange-rate pressure.

These countries can, of course, resist upward pressure on their currencies by accumulating foreign-exchange reserves, like they did before the global financial crisis.

The reversal was made possible by the easing of short-term risk perceptions , an improvement in the inflation outlook and relatively subdued developments in private sector wage growth . In Slovakia appreciation pressures on the koruna were the main motivation for a reduction in the key interest rate by a total of 200 basis points to 4 %.

The upward pressure on the euro was temporarily suspended in the summer amid positively revised market expectations about the economic recovery in major partner countries .

In the aftermath of the G7 meeting in Dubai -- where it was stated that more flexibility in exchange rates was desirable to promote smooth and widespread adjustments in the financial system based on market mechanisms -- the yen came temporarily under strong and broad-based appreciation pressure .

After March 1995, the exchange rate policy had to face a different challenge: the improving perspectives of the transition process were putting appreciating pressures on the exchange rate.

For example, the capital inflows associated with external borrowing are putting upward pressure on the peso, threatening sectors that are important for job creation.

Interest-rate in creases (aimed at stimulating domestic saving) could (and would most probably) trigger capital imports and upward pressure on the Danish krone.

During 1998, the weakness of the currencies of most of the major trading partners of EUR-11 put upward pressure on the currencies of the euro countries.

Moreover, the capital inflows put upward pressure on the currency, which negatively affected the competitiveness of Slovenian exporters.

When the United States effectively floated the dollar from August 1971, the fresh wave of market instability put upward pressure on the Deutschmark and squashed hopes of tying the Community’s currencies more closely together.

With short-term interest rates locked at zero, pressure for further appreciation would leave the PBC helpless to re-expand the economy.