The Dollar fully floats in the international FX markets, and TBH unless the United States is about to pay off all of its Sovereign Debt (No) or the US is going to default on Debt Coupon Payments (No) other than flooding the market further with some insanely preposterous amount of printed Dollars there's not much the US can do in terms of long lasting currency manipulation. At present the Dollar Index is about ten percent off it's 2020 highs and the Euro has run up to its 2018 highs. IMO the bigger question is: what's the ECB going to do? The problem with flooding the world even more with printed Dollars in a devaluation bid is that if anything - the World wants more US Dollars. You've got South American Countries and Caribbean Countries who actively circulate Dollars in their economies. South American Banks circulate US Dollars just like their native currencies. 62% of the World's currency reserves and trade are transacted in US Dollars. 88% of all global currency trades involve the US Dollar. Presently the United States is pumping Trillions and Trillions of printed Dollars into the World and they just keep getting absorbed. Sovereign Wealth Funds are hoarding Dollars and buying US Tech Stocks with those Dollars - Trillions worth every year. Drug Cartels and organized crime worldwide prefer the Dollar. They love it. Here's the thing: economists have been talking about the Dollar going away for the past thirty years. And it hasn't yet. Quite the contrary - the United States has essentially weaponized the US Dollar by controlling the supply of something the World just cannot seem to get enough of. People complain about Nixon decoupling the Dollar with Gold - but it allows the US much greater control of its currency. This is has everything to do with geopolitics and economic power. The US Dollar holds extraordinary leverage and privilege in World affairs, and the US knows it and uses it.
Ya but all of a sudden a new competitor has arrived on the block, crypto. Will be interesting to see how US gummint handles this little pesk.
If I were selecting a currency to hedge to (which I do), it's currently the British pound. Brexit, and Covid emergence. I don't see it slowing. The dollar.... meh. Aussie, Kiwi, and Cannuks are currently taking their commodity based economies and showing currency strength. You can literally look at it on any charting package. I see foreign economies heating up faster than the US, putting downward pressure on the dollar. In general, the world benefits from a weaker dollar. The one rub is the US 10Y-T yield is outpacing the Bund. I believe this is what is currently giving the dollar strength (vs the euro, which is the vast majority of the basket). But we only really know the reasons for anything after the fact. If even then (we generally accept spurious causations and accept them as fact, then ink them for future economic models). But this is just a story. The story is of no consequence to making money. It could just as likely be wrong, whereas the charts don't lie and if the story is wrong, the charts will show it eventually.