Marketwatch allows a limited # of free articles, and this was posted by them 5 days ago. It's a pretty good wrap-up of how dollar fluctuations affect the market:
https://www.marketwatch.com/story/why-the-2023-stock-market-rally-may-depend-on-further-u-s-dollar-weakness-11675549559
The global financial system, in the end, works on trust. We, living in the USA, see our trustworthiness as becoming increasingly suspect due to a variety of factors. But the global system does not depend on how WE see the USA - it is based on how other countries view our reliability.
It is an obvious lesson of history that one cannot trust the tyranny of one-man rule. If for nothing else, once that man dies (or is assassinated, as so often happens!), succession often descends into chaos.
And chaos is NOT where you want your country's financial dealings to operate when dealing with other countries.
Here is a global trade secret (which is actually common knowledge but most people never realize its importance):
It is the U.S. Navy which
GUARANTEES THE SAFE PASSAGE OF GLOBAL TRADE.
It is the U.S. Navy which allows Russian freighters to sail to wherever/whoever will buy their oil, which is pretty much their only source of cash right now since personal incomes have crashed in Russia due to the war.
It is the U.S. Navy which allows Chinese ships to load cargo and take it all over the world. Which China needs because Xi's zero tolerance/lockdown decrees have devastated Chinese personal incomes.
Neither Russia nor China is capable of guaranteeing safe passage for their cargo ships. Period. They are, like every other country, completely dependent upon our navy to safely travel.
The U.S. agreed decades ago to maintain safe naval passage on a global scale, and we have never backed down from it nor has any president ever been stupid enough to even hint of canceling it....because it would truly send global trade and then the financial system into a meltdown.
We are a net oil exporter. We are one of only 7 countries in the world who is a net food exporter. If there is going to be an Armageddon, this is probably one of the best places to be.