On Thursday, stocks tumbled in Asia and Europe, following Trump’s unveiling of a raft of punishing “Liberation Day” tariffs. Futures pointed to a negative U.S. market open.

What was more unexpected is that the U.S. dollar tumbled against most major currencies. The WSJ Dollar Index, an indicator based on a basket of currencies, has now lost more than 5% this year and is below where it was on Nov. 5, before its postelection rally.

This is making Wall Street analysts look pretty bad: Most were telling investors, even up to the very moment in which tariffs were announced Wednesday, that protectionist policies would push up the currency. The idea was that fewer purchases of overseas goods would narrow the trade deficit and mechanically reduce U.S. demand for foreign exchange. Also, U.S. growth is outpacing the eurozone’s, which has historically been dollar-positive.

Instead, speculators have swung to betting heavily against the greenback, Commodity Futures Trading Commission derivatives data shows.

The euro rallied more than 2% against the dollar on Thursday and was set for its best day in more than nine years as investors shunned the greenback after President Donald Trump announced harsher-than-expected tariffs on U.S. trading partners.

Investors also flocked to safe haven units such as the yen and Swiss franc as the dollar weakened to six-month lows against both those currencies.

The highly anticipated tariff announcement sent shockwaves through markets, with global stocks sinking and investors scrambling to the safety of bonds as well as gold.