Goldman Sachs has positioned itself bullish on three Asian currencies - the South Korean won, Taiwan dollar, and Malaysian ringgit - arguing that the artificial intelligence investment boom now shapes Asia's foreign exchange market. According to reports from Goldman Sachs, the bank ranks these currencies above energy importers such as the Thai baht and Indonesian rupiah, which it expects to keep lagging. The bank identifies two key forces behind Asian macro markets this year: an energy supply shock and AI capital spending, creating a clear split between countries that sell chips and those that buy oil. As per BeInCrypto, Goldman expects this divergence to hold while AI investment stays intact.
South Korea carries the strongest bullish case among Goldman's preferred currencies. The bank's economists forecast the current account surplus will almost double to roughly ₹2,500 billion ($300 billion) this year, which equals 13.9% of gross domestic product (GDP). As reported by Goldman Sachs, the bank wrote that "reduced foreign equity outflows has lessened offset to surging current account surplus, paving way for [the won's] rally." The won has declined 1.64% against the dollar index in 2026, though it remains the best-performing among Goldman's preferred AI-linked currencies. According to BeInCrypto, every currency Goldman links to AI has lost ground against the dollar index, which is up nearly 3% in 2026, with the Singapore dollar falling 0.28% this year.
The Taiwan dollar is expected to outperform, supported by surging semiconductor exports and a widening trade surplus. According to Goldman Sachs, the bank projects Taiwan's current account surplus will reach 25% of GDP this year. While interest rates are likely to remain unchanged, strong technology exports and substantial US dollar deposits are expected to continue underpinning the currency. The Taiwan dollar has fallen 3.05% against the dollar index in 2026, making it the second-worst performer among Goldman's preferred currencies. As per BeInCrypto, the Singapore dollar has also slipped 0.28% this year, while the ringgit has fallen by 0.67%.
The Malaysian ringgit is the third currency Goldman is bullish on, citing resilient AI-led economic growth, strong export performance, and sustained foreign direct investment as key factors expected to support the currency. As reported by Goldman Sachs, the ringgit has declined 0.67% against the dollar index in 2026, making it the best-performing among Goldman's preferred AI-linked currencies. Despite this outperformance, every currency Goldman links to AI has lost ground against the dollar index, which is up nearly 3% in 2026. According to BeInCrypto, the distinction between AI-linked and energy-importing currencies matters significantly, as a shift in the AI investment cycle could likely move all three AI currencies at once.
Market data reveals that while Goldman's preferred AI currencies have declined, they have outperformed energy importers significantly. The peso dropped 4.48%, the baht 5.97%, and the rupee 6.01% in 2026, with Indonesia's rupiah leading declines at 7.30%. Even the weakest AI currency has beaten the strongest energy importer by more than a percentage point. China remains the exception, with the yuan gaining 3.32% this year, the only Asian currency higher against the greenback. Goldman keeps a 12-month USD/CNY forecast of 6.50, citing undervaluation and Beijing's push to internationalize the currency. As per BeInCrypto, this divergence could shift capital flows and influence Asian crypto markets, CEX liquidity and cross-border DeFi and token adoption if AI investment cools.
