Top Forex Stories November 5th

This week marks a turning point for the two biggest economies in the world. The United States election takes place on Tuesday. There are diverging polls circulating, but no clear advantage is given to a single candidate. China meanwhile is readying itself for a power transition that will highlight the National Congress with a new leader. In China's case the outcome seems to be more defined with a clear successor in Xi Jinping.

The European crisis continues to erode confidence in the EUR and it is expected the ECB will comment on the current situation with the objective to reassure investors and support member states. Greece and Spain continue to be in the spotlight as their economies continue to suffer from a debt crisis and there are questions raised by the more stable European states if they are doing enough to remain in the eurozone.

Europe

• RPT-Euro falls to near two-month low versus dollar | Reuters
• Grexit After the US Elections? | Forex Crunch
• Spain's Borrowing Conundrum – The Euro Crisis – WSJ
• BBC News – IMF and Gallois report urge France to cut labour costs
• BBC News – Greece presents crucial cuts package to parliament

United States

• BBC News – US economy: Who to blame for poor economic performance?
• Service Sector Growth Cools for First Time Since June – US Business News – CNBC
• Who will take over the Treasury? – Nov. 5, 2012
• New Storm Stands to Set Retailers Back Even Further – MarketBeat – WSJ
• Traders Playing It Safe Ahead of Election – MarketBeat – WSJ

China

• China accuses EU of breaching world trade rules over solar panels | Business | The Guardian
• China at a Turning Point as New Leadership Takes Over – Asia Business News – CNBC 

Japan

• More BOJ easing seen this year | The Japan Times Online

Canada

• The Daily — Building permits, September 2012

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