The US is raising interest rates faster than others, all other things being equal - which they aren't but for simplicity, it's close enough). That is effective

The US is raising interest rates faster than others, all other things being equal - which they aren't but for simplicity, it's close enough). That is effectively what is driving up the price of the dollar - more people are moving their money over to take advantage of rates that they expect will pay more than other currencies. Think of it like this - Would you move your money to a bank paying 2% interest versus a bank paying 0% interest? Not everyone would, but many would.