The dollar stumbled against the yen, euro and gold, with analysts pointing to U.S. President Donald Trump's failure to usher a Republican health-care reform bill through a seemingly friendly Congress.
Andy Brenner, head of international fixed income securities at National Alliance Securities, said in a note late Sunday U.S. time that this was markets' first chance to react to the health-care bill's failure.
"We sense the choppiness could lead to some very chunky swings," he said.
The dollar index, which measures the greenback against a basket of currencies, tumbled as low as 99.263 in early Asia trade on Monday, from as high as 100 on Friday.
Vishnu Varathan, a senior economist at Mizuho Bank in Singapore, also pointed to the health-care bill's train wreck as driving the market selloff.
"It's just follow through on disappointment on the health-care bill and to doubts on whether Trump can push through his other policies," such as infrastructure and tax reforms, Varathan said.
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