Because Trump is axing own foot and people are buying Euros to directly trade with Europe rather than replying on USD. Demand for USD after Trump pendulum thinking is not rising. It's just like how India started dealing in own currency with Russia and Arab world for sometimes and trying its best to dether reliance on USD.
America's motive is always to keep selling USD to world so as to keep it at higher levels while world wants trade to be in other currencies too. So Europe's currencies are going up over demand. Seondly, with higher tariffs, trade with America will fade while people will look at Europe to sell their product and so even India is on buying spree for European currencies currently.
For e.g: We can not sell to America due to higher tariffs so we will try to sell to i,e export and import from elsewhere. Who has the purchasing power besides America? It's Europe. Baki apna Asia toh poor hai hi. Pakistab, Bangladesh ki currencies toh lenge ni hum bhi. Japanese YEN is also the one which we buy.
