Asian currencies are sliding against the dollar as traders bet the Fed will raise interest rates, which is bad news for Taiwan's stock market and anyone holding local currency.

• Hot US inflation data pushed the odds of a Fed rate hike past 80%, lifting the dollar and pulling Asian currencies down.
• The Taiwan dollar fell close to the 31.8 mark before the central bank stepped in to steady it.
• Foreign investors have been pulling money out of Taiwan stocks for three straight days, dragging the market down over 300 points.
• The euro and yen held up better because Europe already raised rates and Japan is expected to move faster, and the yuan even gained.

Outlook: The Taiwan dollar may briefly break past 31.8 but will likely trade in a narrow range while markets wait on decisions from the Fed, Japan and Taiwan's own central bank.