The USD is relatively overvalued due to the geopolitical position of the United States, the petrodollar system, etc. By being the "reserve currency" it has buil

The USD is relatively overvalued due to the geopolitical position of the United States, the petrodollar system, etc. By being the "reserve currency" it has built-in additional demand beyond what would be expected. This strengthens the dollar and weakens others by comparison, leading to the persistent trade deficits the U.S. suffers with many other economies, lack of competitiveness of U.S. exports, etc. At least, that's my understanding.