Asian tech-related currencies outperform: EM ASIA FX/RATES VIEWS

Research evidence excerpt

Asian tech-related currencies outperform: EM ASIA FX/RATES VIEWS

Economics Research

25 July 2026 | 3:10PM SGT

EM ASIA FX/RATES VIEWS

Asian tech-related currencies outperform

1. Clear divergence observed within the Asian FX complex, with tech-related Danny Suwanapruti

+65-6889-1987 |

currencies outperforming. The two main drivers of Asian macro markets this year danny.suwanapruti@gs.com

Goldman Sachs (Singapore) Pte

have been the energy supply shock and the AI-related investment boom.

Chris PohDirectionally, USD/Asia has broadly risen since February, as DXY has gained around +65-6889-3454 | chris.poh@gs.com

5% since January. However, within Asian FX, there are notable themes. First, despite Goldman Sachs (Singapore) Pte

Lisheng Wangbroad USD strengthening, USD/CNY continued its grind lower to around 6.77 +852-3966-4004 |

currently from 7.0 at the turn of the year. Second, tech-related currencies (KRW, lisheng.wang@gs.comGoldman Sachs (Asia) L.L.C.

TWD, SGD, and MYR) have broadly outperformed non-tech and high energy Xinquan Chen

import-dependent currencies (such as THB, PHP, IDR, and INR) (Exhibit 1). Asian +852-2978-2418 | xinquan.chen@gs.com

rates markets have sold off this year, as regional central banks have turned more Goldman Sachs (Asia) L.L.C.

hawkish, with the BSP hiking to temper inflation expectations, BI hiking to defend Irene Choi

+82(2)3788-1722 | irene.choi@gs.com

against currency weakness, and the BoK hiking on much stronger- than-expected Goldman Sachs (Asia) L.L.C., Seoul Branch

growth. The RBI has refrained from hiking thus far and has opted to address currency Santanu Sengupta

weakness with FX tools. The re-escalation of the conflict in the Middle East and +91(22)6616-9042santanu.sengupta@gs.com|