Northernstan and Southernstan are trading partners.Which of the following would NOT lead to an appreciation of Northernstan's currency?

Question

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Higher inflation in Northernstan would lead to a depreciation of their currency, as it would decrease their purchasing power and make their goods more expensive compared to Southernstan's goods. The other options would all, in different ways, increase demand for Northernstan's currency and lead to appreciation. A successful worldwide advertising campaign would increase demand for Northernstan's goods and services, and thus their currency. Rising interest rates in Northernstan would make their currency more attractive to foreign investors, and a recession in Northernstan would lead to a decrease in supply of their currency, as fewer goods would be imported.

Northernstan and Southernstan Are Trading Partners