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It will take robust monthly employment figures or hawkish Fed guidance to stop the buck's slide
A key U.S. dollar index on Monday fell to its lowest level in more than four months as the failure of a President Trump-backed measure to repeal Obamacare gave investors a cue to step away from the buck.
The ICE Dollar Index , which measures the currency against a basket of six major rivals, was down 0.8% at 98.86, its lowest mark since the first half of November, according to FactSet data.
The dollar dropped against the yen to Yen110.14 , down from Yen111.20 late Friday in New York . The euro rose to $1.0902 , up from $1.0799 , while the British pound moved up to $1.2604 from $1.2490 .
"This is the market reacting to Donald Trump's failure to implement one of his major campaign promises," said Bart Wakabayashi , Tokyo branch manager for State Street .
Read: Wall Street fear threatens a dramatic comeback in the stock market (http://www.marketwatch.com/story/stock-markets-old-friend-volatility-threatening-to-make-a-glorious-return-2017-03-24)
The setback for the White House has strengthened uncertainty over the administration's ability to push through its agenda. It has added momentum to an unraveling of support for the dollar.
"Investors are worried about the challenges Trump will face in trying to get his other policies passed which may well limit the government's fiscal spending. The worry is that not only will this weigh on GDP, but potentially on inflation too. Thus, the Fed may not raise interest rates as aggressively as had been priced in, hence the fall in the dollar," said Fawad Razaqzada, technical analyst at FOREX.com.
The Fed raised interest rates two weeks ago and is expected to hike rates at least two more times, according to the policymakers own forecasts. But the accompanying statement and the press conference by Chair Janet Yellen was seen as less hawkish than anticipated, with the Fed not building up expectations for faster rate hikes.
The Fed funds futures market are currently pricing in two more rate hikes by December and higher interest rates are usually supportive of the dollar.
It will take robust monthly employment figures or hawkish guidance from the Fed to stop the dollar's slide, said Masashi Murata , currency strategist at Brown Brothers Harriman in Toky