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Currency exchange rates change because of changes in foreign investments, not imports and exports.
When a US company invests in europe, they sell dollars to buy euros. The supply of dollars is increased and the price of dollars drops to balance the demand.
The opposite happens when US borrows foreign funds. They get a lot of EUR which they then need to sell to get dollars, which creates a demand for dollars, which increases the value of the dollar relative to other currencies.
What complicates this for USA is that a lot of countries, especially china hold dollars as reserve foreign currency. When China sells its American investments like bonds who are in dollars, then it lowers the value of the dollar. Recently China has been lowering its foreign reserve of dollars in favor of euros and yen.
The only thing the US can do is to hike interest rates to attract foreign investment, if they want a stronger dollar.
That will however cause unemployment and slow down the economy.
Of two evils a cheap dollar is better for the US
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