The dollar index is 50% or more Euro and there’s been a big shift there, probably driven by the fact that the EU appears to be making progress towards a fiscal union - in the mean time supporting (hopefully) a rescue package that transfers funding from the wealthier to less wealthy states. (Something we don’t think about much but happens in the US as normal course, think CA taxes going to AL.)

Combine that with the absolutely incompetent response to the pandemic and economic situation, whereas Europe has handled it well and managed to keep everyone on payrolls the US went down the massive unemployment and potential evictions route and is now squabbling over what’s the least amount of money we can give all these people. Even Wall St knows we need to give these people more money, the extra unemployment benefits have been keeping retail sales up, and keeping evictions down.

In the longer term the USD not being a reserve currency is probably good for everyone including the US.