Dollar is falling because
1. Europe and many countries are better preparre for covid19.
2 US is in deep trouble with covid19. this means lower interest rate till 2025.
3 Europe just made a historic turn - EU created mutual bonds (debt) on last summit. They agreed to debt mutualisation, at least for covid19 grants. This means A. euro is safe B. there is new debt instrument to buy (rich countries could now buy euro debt instead of dollar debt)
all in all, means euro is going higher. Many talks about 1.25 or even 1.35 for eurusd
and.... china is