AI-driven US demand lifts South Korean, Taiwanese and Malaysian currencies

According to a new analysis by Goldman Sachs, the surge in American spending on AI hardware is translating into higher export revenues for countries that supply chips and related parts. The inflow of U.S. dollars is strengthening the won, new Taiwan dollar and ringgit, helping these economies avoid some of the inflation that is affecting other Asian markets. The report also notes that reduced fuel imports, a side effect of the Iran war, have lowered Asia's refined fuel intake to a record low in August. South Korea's export figures for August jumped about 70% year-over-year, driven by a spike in memory chip orders.