Asian Market Update : Epic Research Malaysia

The US dollar gained on the yen in Asia on Monday as investors unwound safe-haven trades in the wake of the failed coup in Turkey, while a giant takeover bid in the tech sector and the promise of central bank stimulus lent support to equities.

The Turkish lira was quoted around 2.9675 after the US dollar climbed almost 5 per cent late Friday to a six-month peak around 3.0476. Dealers noted liquidity was sparse and a true price would only be found once Turkish markets opened.

Ankara said it was in control of the country and economy and widened a crackdown on suspected supporters of the failed military coup, taking the number of people rounded up from the armed forces and judiciary to 6,000.

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