You wouldn't think that printing money leads to a stronger currency, but perhaps this is a delayed effect after you stop printing.
Goods and services that are traded internationally are priced in USD. Other currencies do not end up directly representing goods and services; they are relative to the USD. Therefore, the demand for dollars is always very high, and it will be as long as the dollar keeps the reserve currency status.
Ultimately they want to exchange for the currencies they need to pay bills, wages, and taxes in.
"Reserve" currency has little to do with it - if anything it's the high volume of trade with USA that makes it worthwhile to keep reserves of USD, because the high volume of US trade means you get many chances to exchange USD for whatever currency you actually need.
That's the key IMO. USA has a long history of being a safe country for investment. It has uninterrupted democracy and rule of law since it was founded. It hasn't had a war on it's territory since the Civil War. It has a lot of free land and natural resources.
It's just good fundamentals first - and then of course you need not to fuck up massively to ruin that, which USA has not.
American Civil War (April 12, 1861 – May 26, 1865)
Black Hawk's War (1865–72)
Red Cloud's War (1866–68)
Comanche campaign (1867–75)
Modoc War (1872–73)
Red River War (1874–75)
Great Sioux War of 1876 (1876–77)
.... 10 more ....
Ghost Dance War (1890–91)
Crazy Snake Rebellion (1909)
New Mexico Navajo War (1913)
Bluff War (1914–15)
Colorado Paiute War (1915)
Posey War (1923)
Red Cloud's War consisted mostly of constant small-scale Indian raids and attacks on the soldiers and civilians at the three forts in the Powder River country, wearing down those garrisons.
The largest action of the war, the Fetterman Fight (with 81 men killed on the U.S. side), was the worst military defeat suffered by the U.S. on the Great Plains until the Battle of the Little Bighorn in the Crow Indian reservation ten years later.In any case the post-pandemic interest rate hikes are recent. There seems to be a much longer term (decades long) dollar strengthening pattern that is not really touched upon in the article.
It says a lot more about the preferences of Americans that it does about any of the other countries.
Money isn't a commodity, and that's why the Monetarist view is so off.
Inflation is never caused by a decline in the value of money, but it can cause a decline in the value of money, just not in every conditions (and with central banks raising interest rates when there's inflation, in practice it has the opposite effect)
Main drivers of exchange rates are international trade of all kinds and its requirement to use specific currencies in specific places (you can accept payment in JPY when your company is in USA, but you need to pay your taxes in USD!), and speculation.
Essentially for FOREX, the exchange rate is essentially determined by entities needing specific currency for something - for example to pay for purchases or services, pay wages, taxes, etc. - when you have money in different currency.
The rest is plain market - you put an offer like "I will buy 100k USD in exchange for 11m JPY", but others were willing to offer more, and thus the averaged (I know, simplification) exchange rate goes up.
But you might be able to catch a trade at lower price because someone might need JPY right now (or other forex-compatible asset you have) quicker than it could sell USD at higher prices, etc.
You can of course also purely speculate on the prices and make money from "nothing", pure financialization, pure capitalism, close to zero value being produced.
Printing money can be used to artificially change the exchange rate by offering "cheap" money for other currencies. The reason why you might want to do is simple - your currency being "weaker" tends to benefit exports (at the same time exports drive currency "stronger"), while stronger currency benefits imports (but imports drive currency "weaker")