Asian currencies, including the Malaysian ringgit, Philippine peso, Korean won, Japanese yen, and Thai baht, have seen significant appreciation against the US dollar, reaching a seven-month high. The Malaysian ringgit has been the best-performing Asian currency in 2024, rising 5.1% year-to-date, with most of the gains occurring in August. This surge is attributed to tighter monetary policies in countries like Malaysia and Singapore, which have strengthened their currencies to 18-month highs against the dollar. The appreciation is occurring ahead of the Jackson Hole symposium, where central banks often discuss monetary policy strategies.