All the "experts" are chanting Asian counties are selling US, but is that true?
Are they actually selling USD and buying other currencies? I highly doubt it. If you think US economy is getting weaker, what other countries are getting stronger? None.
I think the reason for USD's decline recently is a great vindication of Trump's tariff being actaully "working". The trade between US and China, including trasition trade via other countries has grinded to a halt. That's why China and east Asian countries are making much less surplus USD for cycling back into US market, stocks or bonds. That's why both US stocks and treasuries are declining at the same time. No trade, no money circulation.
People don't trust USD for sure, but they don't trust their own currencies either. So the only things left are Gold and Bitcoins.
I don't know if Trump knows that huge decline in trade deficit is a double-edged sword. It will make US GPD grow on paper, also cut off the money supply on US debt. Since US can't ramp up production in short-term, there's no way to replace the lost production in China, the world GDP growth will definitely slow down and the only way for Americans to cope with is to cut their consumption down at the same rate, which in turn will slow down money creation.
If this is all calculated by Trump's advisors, we are going to expect a great reset in world economy and monetary policy in next a few months.
Will US dollar crash? In short term, maybe, but I don't see why other currencies can do well. Maybe it's a checkmate for Fed to open the flood gate to replace the lost bond purchasing power.
When there's no way out for economy and polictics, wars may be getting closer.
