For the US, the combination of a stronger economy and less accommodative monetary policy will put additional upward pressure on the dollar’s exchange rate – which has already appreciated significantly – against both the euro and the yen. With few other countries willing to allow their currencies to strengthen, the dollar’s tendency toward appreciation will remain strong and broad-based, potentially triggering domestic political opposition.
对美国来说，走强的经济和不再有利的货币政策的组合将给美元汇率带来更多的对欧元和日元升值压力——目前美元已经有了大幅升值。很少有其他国家愿意让货币升值，因此美元的升值趋势继续走强走宽，有可能引发国内政治反对。