Investors on Monday are waking up to a shake-up in markets: The dollar is tumbling, stocks are sliding globally, and investors are fleeing to safety in gold.

The risk-off mood comes after Republicans in Washington failed to push through their health bill last week, sparking fears that President Trump will struggle to pass other more market-relevant reforms, such as corporate tax cuts.

The bill’s flop “was seen as a massive hit to Mr. Trump’s credibility,” said Boris Schlossberg, managing director of FX Strategy BK Asset Management, in a note on Monday.

“The fear in the markets is that this loss of momentum will make it much more difficult for President Trump to move forward with any tax reform and tax cuts this year, especially since he faces fierce opposition on the border tax issue from his own party,” he added.

Read:‘Trump disappointment trade is now in full swing’ — analysts on global stock selloff

Hopes of pro-business reforms had boosted stocks worldwide. Investors have been betting that Trump’s agenda would spur economic growth, higher inflation and push interest rates higher.

Markets were already rattled last week, but an additional big reversal in the “Trump trade” came this Monday morning.

Here is a look at how assets are performing across the globe:

Dollar slides to four-month low

The ICE Dollar Index DXY, +0.03% took a sharp turn lower, down 0.8% and trading at 98.94, around its lowest level since November.

The greenback rallied to a more than decade high against the basket of rival currencies after the U.S. election, boosted by the prospect of higher interest rates under a Trump administration. However, the buck has been losing its vigor in recent weeks as it became apparent to investors that the new leadership was struggling to garner enough support for its health-care reform.

“It’s important that Trump delivers something of substance very soon or the doubts will only grow,” said Craig Erlam, senior market analyst at Oanda, in a note.

“How deep a correction we’ll see may well depend on how quick he is to bounce back from this defeat. The Fed may offer some reprieve for the dollar and yields if it raises rates again this summer, but the equity-market rally may need proof of Trump’s ability to deliver.”

U.S. bond yields hammered to one-month low

The growing doubts that Trump will deliver on his promises of tax reforms also slammed U.S. Treasury yields. The interest rate on 10-year bills TMUBMUSD10Y, 0.701% fell to as low as 2.35% on Monday, the lowest level in about a month.

“Looking ahead, the combination of domestic and international political risks is likely to keep Treasuries range-bound over the near term,” analysts at J.P. Morgan said in a note.

House Speaker Paul Ryan “indicated that tax reform will be more difficult to pass, and until there is greater clarity on this, uncertainty will continue to hang over risk assets, and Treasuries as a byproduct,” they added.

Dow on pace for eighth down day in row

U.S. stocks logged the sharpest weekly losses in months last week, and the downbeat mood is intensifying this Monday. Futures for the Dow Jones Industrial Average US:YMM7 traded lower by 169 points, or 0.8%, at 20,405, putting the blue-chip gauge on track for an eight straight trading day in the red.

Futures for the S&P 500 index US:ESM7 were down 22.55 points, or 1%, at 2,322.25, while those for the Nasdaq-100 index US:NQM7 lost 41.50 points, or 0.8%, to 5,337.25.

Hussein Sayed, FXTM’s chief market strategist, said the selloff for U.S. stocks is probably just getting started.

“If you believe that Trump’s honeymoon is over and last week’s experience is just a guide on what to expect next, I believe markets will sell off sharply, probably up to 10% correction,” he said in a Monday note.

Flight to gold

Gold for April delivery US:GCJ7 was recently climbing by about $11.10, or 0.9%, to trade around $1,259.80 an ounce.

“Gold is benefiting from the GOP health-care reform failure and subsequent greenback weakness, trading at its highest level in a month,” said Accendo Markets analysts Mike van Dulken and Henry Croft in a note on Monday.

Global stock selloff

Stocks in Europe and Asia also have been taking it on the chin, with analysts blaming the selling in large part on the health bill’s flop.

Japan’s Nikkei NIK, +0.17% closed down 1.4% at around 18,986, as shown in the adjacent chart.