> which doesn’t really make sense to me when I consider the weakness of the currency
When there is war, financial crisis, etc, money seeks the safest harbor. The safest harbor in the world today is the US. Rising interest rates, war in ukraine, competition with china, etc means that the world is buying treasuries. Demand for dollars goes up, demand for most other currencies goes down.
If there is a significant crisis in the world and the dollar doesn't gain in strength, then we'll know a paradigm shift has occurred.
When there is war, financial crisis, etc, money seeks the safest harbor. The safest harbor in the world today is the US. Rising interest rates, war in ukraine, competition with china, etc means that the world is buying treasuries. Demand for dollars goes up, demand for most other currencies goes down.
If there is a significant crisis in the world and the dollar doesn't gain in strength, then we'll know a paradigm shift has occurred.