28 Feb '13, 3am

Singapore's Canary Wharf-topping condos damp dollar

Singapore's Canary Wharf-topping condos damp dollar

Currency strategists are abandoning their forecasts for a record-setting rally in the Singapore dollar as government measures to rein in property prices reduce pressure on the central bank to cool inflation. The local dollar will likely rise 2.2 percent to S$1.21 versus its U.S. counterpart by Dec. 31, based on the median estimate of 26 analysts surveyed by Bloomberg. The forecast eased from an all-time high of S$1.19 at the end of last year, in the biggest outlook downgrade among Southeast Asian currencies. Singapore’s dollar won’t strengthen beyond the record of S$1.1992 until 2014, based on the polls. Prime Minister Lee Hsien Loong is trying to curb property- market speculation with inflation almost double the 20-year average. A 1,636-square-foot (152-square-meter) condominium in the Marina Bay financial district sold for S$4.4 million ($3.6 million) in November, govern...

Full article: http://www.bloomberg.com/news/2013-02-27/singapore-s-cana...

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