Why is the euro depreciating against the dollar?

The euro has been depreciating against the dollar since the third quarter of 2021. But why is this happening? The first question is whether the euro is depreciating or whether the dollar is appreciating. When we look at the exchange rate of the euro and the dollar against other currencies, we see that the euro is not depreciating against the dollar more than other currencies: it is the dollar that is appreciating; The next question is what developments are negative for the euro: declining purchases of European equities or bonds by non-residents, rising purchases of foreign equities or bonds by Europeans, speculative short-term positions that are negative for the euro? We see that it is non-resident sales of euro-zone equities and bonds that explain the decline in the euro. From all this, it is clear that the main causes of the euro’s depreciation against the dollar are not only the more attractive interest rates in the United States, but also the loss of attractiveness of the euro-zone equity market.