Markets Insider The dollar is tumbling on Tuesday.

The US dollar index was down by 0.4% at 98.46 as of 7:48 a.m. ET.

"Dollar selling pressure emerged at the end of last week, partly in response to disappointing US economic data. This selling pressure carried over into yesterday's activity," Marc Chandler, the global head of currency strategy at Brown Brothers Harriman, said Tuesday.

"News that President Trump may have shared intelligence with Russia's foreign minister and US ambassador not only heightened ongoing concerns about the Administration's ties with Russia but also is seen by some as jeopardizing the aggressive legislative agenda," he continued. "Asia seemed slow to respond to the developments, but in the afternoon, it began to sell the dollar. The euro is the chief beneficiary."

As for the rest of the world, here's the scoreboard as of 7:51 a.m. ET: