First, it must be borne in mind that the euro as an issue currency has benefited from low interest rates. Together with a generally falling euro exchange rate, the low interest rates for the euro, have served to attract issuers from all over the world. A look at the past may prove helpful in providing a second explanation.
The dollar has always been able to maintain its position as the leading world currency despite the ups and downs in the dollar exchange rate. Apparently, the individual currencies’ positions on the international financial markets are determined, at least to some extent, by factors other than the exchange rates.