The U.S. dollar dropped against major rivals Tuesday, with selling picking up after Republican leaders in the Senate late Monday ditched their effort to repeal and simultaneously replace much of the Affordable Care Act. Senate lawmakers will instead vote in the coming days on a bill to unravel most of the ACA, popularly known as "Obamacare," and look likely to leave any replacement to a later date. The ICE Dollar Index was down 0.4% at 94.75, driving down to levels not seen since last September. "It seems markets are losing confidence that President Trump will be able to deliver on his promised plans," said FXTM chief market strategist Hussein Sayed, in a note. "With tax reforms now likely to face huge uncertainties and economic data signaling slowing economy, it will only be a matter of time before U.S. corporate earnings take a U-turn, thus ending the equities rally."
Continue Reading Below
Copyright © 2017 MarketWatch, Inc.