Daily Briefing: MAS says policymakers need to carry on amidst currency swings; Prime home prices to increase 2%

And Geneva to play host to Singapore's first hypercar.

olicymakers will have to accept that their currencies will depreciate against the greenback as the U.S. begins its tightening cycle, Ravi Menon, Singapore's central bank chief, said on Monday. His comments came as currencies across Asia have tumbled in the wake of the U.S. Federal Reserve hiking interest rates in December for the second time in a decade and saying it now expected to hike three times in 2017. The dollar got another boost, with the dollar index, which measures the greenback against a basket of currencies, climbing to a 14-year high, after Donald Trump's surprise election win led to increased inflation expectations. Read more here.

Prime residential prices in Singapore are expected to increase by two percent in 2017, according to property consultancy Knight Frank. This comes as the recent hike in Hong Kong’s stamp duty may divert home buying interest to the city-state. “With strong economic fundamentals and a stable political climate, Singapore is expected to retain its status as a haven investment destination for both individual and institutional global investors,” said Liam Bailey, Knight Frank’s Global Research Head. Read more here.

Singapore is one of the most important markets for supercar makers, yet until now, its residents had to look beyond the city-state's borders when shopping for a serious performance car. However, all of that is about to change. At this year's Geneva motor show, the Vanda Dendrobium is set to make its official debut. The car's final specifications won't be confirmed until March 9 when the covers are lifted, but it was built using the Bugatti Chiron as a performance benchmark. So expect a vehicle capable of hitting 100km/h in 2.6 seconds, of sending 1500hp to all four wheels and of a potential top speed of 400km/h. Read more here.

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