Is this an Asian currency crisis in reverse?

The Taiwan Dollar surged more than 5% against the U.S. dollar on Monday, briefly pushing USD/TWD below the 29.00 mark.

The two-day rally—totaling nearly 10%—is the sharpest in over three decades. But Taiwan isn’t alone. A broader wave of U.S. dollar selling has lifted several Asian currencies, including the Singapore Dollar, South Korean Won, Malaysian Ringgit, Chinese Yuan, and Hong Kong Dollar.

Goldman Sachs reported on Tuesday that investor positioning has shifted significantly, with clients moving from short yuan positions to long ones—suggesting a growing expectation of continued U.S. dollar weakness.