Goldman Is Bullish on Three Asian Currencies, All Three Are Down in 2026
Goldman Sachs is bullish on the South Korean won, Taiwan dollar, and Malaysian ringgit, arguing that the artificial intelligence (AI) investment boom now shapes Asia's foreign exchange market.
The bank ranks those currencies above energy importers such as the Thai baht and Indonesian rupiah, which it expects to keep lagging.
Why Chips and Oil Now Split Asia's Currencies
Goldman identifies two forces behind Asian macro markets this year. One is an energy supply shock. The other is AI capital spending.
That split separates countries that sell chips from those that buy oil. Goldman expects the divergence to hold while AI investment stays intact.
South Korea carries the strongest bullish case. Goldman economists forecast the current account surplus will almost double to roughly 300 billion dollars this year. That figure equals 13.9% of gross domestic product (GDP).
"Reduced foreign equity outflows has lessened offset to surging current account surplus, paving way for [the won's] rally," the bank wrote in a report.
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