The US dollar is cratering in Asia after news the Republican healthcare bill is unlikely to pass

The US dollar is tumbling in Asia, dropping to the lowest level since early September last year.

Here’s the daily chart for the US dollar index.

US Dollar Index (DXY) Daily Chart

It’s now fallen 8.7% from the multi-year high of 103.82 struck on January 3 this year.

The latest bout of US dollar weakness follows reports that proposed healthcare reforms from the Trump Administration are unlikely to garner enough support to pass the US Senate.

It appears that markets have taken the news as a sign that proposed tax reforms from the Trump Administration will also struggle to garner support.

The euro, which accounts for just shy of 60% of the weighting in the DXY, is soaring on the news, hitting the highest level since May 2016 a short time ago.

The Australian dollar, Japanese yen and UK pound are also strengthening on the news.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.