Goldman Sees South Korean Won, Taiwan Dollar, Malaysian Ringgit Outperforming Amid AI Boom, Despite 2026 Declines

According to Goldman Sachs, the bank is bullish on the South Korean won, Taiwan dollar, and Malaysian ringgit as the artificial intelligence investment boom reshapes Asia's foreign exchange market, on July 27, 2026. Goldman ranks these currencies above energy importers such as the Thai baht and Indonesian rupiah, expecting the divergence to persist while AI spending remains intact.

Despite the bullish stance, all three currencies have declined against the dollar in 2026. The won has fallen 1.64%, the Taiwan dollar 3.05%, and the Malaysian ringgit 0.67%, though each outperformed energy-importing peers like the Indonesian rupiah, which has dropped 7.30% this year. Goldman forecasts South Korea's current account surplus will almost double to roughly 300 billion dollars, equivalent to 13.9% of GDP, while Taiwan's surplus is projected to reach 25% of GDP.