an increasing or increased speculative demand for money??

[Sammy Sze]

Dear Teachers:

In the following sentence, both "increasing" and "increased" sounds ok to me. Could you tell me which one is grammatical and why

"Increased demand for a currency, then, is due to either an increased transaction demand for money, or an _______ speculative demand for money."

Thanks a lot!!
Sammy

[Soup]

Increasing, it continues to increase.
Increased, it has increased up to this point and time and whether it may or may not continue to increase is not topic.