The dollar fell sharply on Monday after the Commerce Department reported that orders for durable goods fell more than expected in July. This decline fueled worries about a slowdown in economic growth.

The report indicated a 4.9% drop in orders, significantly worse than economists’ forecasts. This negative surprise prompted a sell-off of the dollar against the euro, yen, and pound sterling.

Analysts suggested that the weaker-than-expected data could lead the Federal Reserve to reconsider its tightening monetary policy. Previously, the market had widely anticipated further interest rate increases. However, the prospect of a slowing economy might make the Fed more cautious.

“The durable goods data definitely throws a wrench into the expectations for continued rate hikes,” said John Smith, chief currency strategist at Global Investments. “The market is now pricing in a higher probability of a pause in the Fed’s tightening cycle.”

The euro rose to a one-month high against the dollar, while the yen also gained ground. The pound sterling benefited from the dollar’s weakness as well.