The FT says that
“European governments are having to raise money in dollars because of difficulties in attracting investors in their domestic markets due to the intense competition for funds. Croatia joined the growing trend of issuing in dollars on Wednesday when it announced plans to issue its first bond in the US currency, with Barclays Capital, Citigroup and JPMorgan arranging the deal. It is expected to raise $500m. Lithuania issued its first dollar bond last week, raising $1.5bn in five-year paper. HSBC and RBS arranged the deal. Poland, which has been one of the most active sovereigns in the bond markets, is this month planning to raise money in yen. The Poles have raised money in dollars, Swiss-francs and euros this year.
Germany, Italy, Austria, Belgium, Portugal and Spain have also issued debt in dollars in recent months, according to Dealogic.”
When these issues mature, that’ll provide support for the dollar.