USD is the global reserve currency - when shit goes sideways everyone jumps on the dollar and that pushes it's value up and the value of the other currencies do

USD is the global reserve currency - when shit goes sideways everyone jumps on the dollar and that pushes it's value up and the value of the other currencies down. In the case of the EU/Euro you've also got an active shooting war, massive inflation and the economic damage that the UK did both to itself and the EU and a bunch of other stuff.