Yes they are printing but I disagree with the relativity, it's not some kind of hard peg, so depending on the amount of sovereign debt denominated in dollars and the risk attached to those bonds will require you to devalue even faster.
The US dollar is still the premier currency and people trust it for sure, theyll flock to it and i can see countries may consider swithcing or making the dollar legal tender.If they don't they just have a huge dollar black market, we can see how stable coins are growing due to the demand for off shore dollars
Im not one to play the forex game, I'd rather have the insurance against the entire thing and to me thats BTC