Last May, the Taiwan dollar led historic rallies in Asia amid speculation that President Donald Trump would ask exporting nations to lift the value of their currencies as part of trade deals with the US.

The daily moves were so sharp that some investors said they had the feel of the late 1990s Asian Financial Crisis, when capital flight sank currencies from Thailand to South Korea. The big difference in 2025, though, was that the traffic was the other way around — waves of one-sided selling sank the greenback.

© Bloomberg