US Fed Providing Dollars to Europe

Banks in Europe need dollars to serve the needs of their multinational customers. They have usually borrowed dollars from the "shadow banks" in the US. For example, money market funds would make short term loans against collateral provided by the banks. The money market funds have pulled back on making these loans. Consequently, the Fed has been cooperating with the ECB and the Bank of England to provide the dollars that they require. The Fed simply swaps dollars for their respective currencies with the central banks and they provide them to their banks. This does not involve risk, and swapping, instead of buying and selling currencies, does not alter the relative price of currencies.