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• ForexLive North American wrap: Stocks take a whoopin’
• Delay and Pray won’t work: ZeroHedge
• US Corporate Bond Chatter: Fiery Demand For Supply Frenzied Wk
• FX doesn’t care about the stock rout anymore
• Irish FinMin: Merkel comments on legacy assets aimed at Spain, not us
• Best trade this week: AUD/CAD long
• Oil nears $90
• Merkel: Euro was the right decision
• US BudgetWeek: Obama, Romney Sharpen Fiscal Disputes In Debate
• Russian economy slows
• Another leg lower for risk as stocks extend losses
• Cable breaks 1.6000
• Next Week/US: Housing, FOMC, Q3 GDP, Durables
• European equity close: Rough finish but let’s keep it in perspective
• Another Spanish region rattles the tin-cup
• Gold sinks to one month low
• Berlusconi facing the music today
• Where would Friday be without this song?
• Samaras: Greece Needs Loan Tranche; To Run Out Of Cash Nov 16
• Aussie sinking

ForexLive North American wrap: Stocks take a whoopin’ Posted: 19 Oct 2012 01:02 PM PDT US stocks fall most since June GE cuts revenue view Reuters: Euro zone officials say exploring sharing losses on legacy assets between ESM and governments Canada Sept CPI 1.2% y/y exp vs 1.3% exp US Sept existing home sales 4.75m, as expected Balearic Islands and Asturias ask Spain for bailouts, fund almost dry Monti: Worries over Italian debt eased SNB's Danthine says franc may correct 'with time' Russia Sept GDP 2.5% y/y compared to 2.8% in Aug Deadly car bomb in Beirut Jamie’s 1987 crash memoir USD leads, CAD lags S&P 500 closes down 1.7% US 10 year notes fall 6 bp in yield to 1.77% Crushing day in the stock market but FX took it rather well. EUR/USD perked up to 1.3064 in early trading and was held up by a large 1.3050 option at the NY cut. Afterwards, the pair slid as low as 1.3012, bottoming minutes before Europe shut down. Cable rebounded early from bids ahead of the European low but stalled ahead of offers at 1.6067. Stops were triggered below 1.6032 but a dip below 1.6000 encouraged a collective shrug. AUD/USD fell below the 200-day moving average after breaking it earlier in the week but was surprisingly steadfast after bottoming at 1.0318 even as stocks continued to wilt. USD/CAD was the move in North American trading. Canadian CPI figures emphasized the futility of the BOC’s hiking bias and this pair has been the most-sensitive to stocks all year. The gains all came in the morning but stalled ahead of the key 0.9750 level. Gold fell to a six-week low of $1716. Oil down $2 to $90.09. Today’s trading in stocks reminds me of something Gartman said: at the end of a bull market, the first thing that happens is that the generals are dragged out and shot. The generals are the leaders of the rally and with Google and Apple down 13% from their highs, you have to wonder.

Delay and Pray won’t work: ZeroHedge Posted: 19 Oct 2012 12:03 PM PDT Some UBS analysis.

US Corporate Bond Chatter: Fiery Demand For Supply Frenzied Wk Posted: 19 Oct 2012 11:40 AM PDT By Steven Levine NEW YORK, Oct 19 (MNI) – The frenzied pace of fresh, investment-grade corporate bond issuance that rattled the docket this week is expected to continue, as the ultra-low U.S. interest rate landscape lures issuers, and demand for yield remains insatiable. While a small crowd of high credit quality corporate and sovereign debt offerings surfaced Friday, a total of $37.25 billion of new bonds were sold so far this week. This compared to estimates for a tally of around just $15 billion. Demand recently for new investment-grade product “remains on fire,” noted Ron Quigley, fixed income syndicate head at Mischler Financial. He noted that opportunities for financing “are as good as they’ve ever been, and we don’t see it slowing down anytime soon.” Quigley cited for example that the cumulative order book for United Health Group’s $2.5 billion of single-’A’ rated debt Wednesday was about $25 billion, or ten-times oversubscribed. “At the end of the day, we see no end in sight to what’s going on in the primary markets,” he added, which “is all motivated by the low-rate environment” – not to mention the continued voracious “demand on the part of investors who need to put their money to work.” While investment-grade corporate bond spreads Friday were mainly wider by about 10 bps in the intraday New York trading session, newly issued deals topped the most active list, according to MarketAxess data. By midday, total estimated volume was last over $8.5 billion. The 10-year U.S. Treasury note hit an intraday low yield of 1.762% after reaching a high yield of 1.829% in overnight activity, according to one broker screen. Among the most traded investment-grade corporate bonds: Morgan Stanley’s 4.875% 10-year notes were last tighter by 5 basis points from their initial price level Thursday at a spread of 305 bps more than U.S. Treasuries of similar maturities; Oracle’s 2.500% 10-year bonds were last 9 bps better than their initial price level Thursday at a spread of 59 bps more than matched-maturity U.S. government debt; and United Health Group’s 0.850% 3-year notes were last weaker by 1 bp on the day at a spread of 30 bps more than comparable U.S. Treasuries, but still improved by 15 bps from their initial price level Wednesday. Traders have said recently that demand for yield among bond investors has also led some accounts to shift to riskier asset categories. For example, some investors of U.S. Treasuries have been said to be shifting some money Wednesday from U.S. government bonds to high grade corporate debt, and to a lesser extent to corporate junk bonds. At the same time, there is chatter in the market that investment-grade corporate bond buyers have been moving down in credit quality in their clamor for yield. They have been said to be diving recently into riskier assets such as corporate junk bonds, certain consumer asset-backed securities and commercial mortgage-backed securities. For some, covered bonds present another investment option. “Spreads have come in tight,” said Manish Kapoor, managing principal of West Wheelock Capital, speaking Wednesday at IMN’s Fourth Annual Covered Bonds Americas conference. There is “significant demand for covered bonds as an alternate senior proxy for people to take on extra yield of around 20 bps to 30 bps,” he said. Kapoor’s portfolio has been generally focused on structured products. However, with respect to European covered bonds, Kapoor stressed that he “would like to see more regulatory certainty with pending proposals” across the region, as well as “some level of harmonization between regulators across different jurisdictions.” But on the supply front, new issuance of investment-grade corporate debt is likely to continue its frenetic pace. More than $18.5 billion of new deals priced on Thursday to a yield-hungry crowd of bond investors, outpacing most Street projections for the week in a single day. While consensus among many investment-grade corporate debt syndicate managers for next week’s supply ranged from $15 billion to $20 billion, other market sources said that the level could well be higher given the recent influx of sales. Sources also speculated that the potential offerings will likely be front-loaded, as the amount of pending U.S. economic data weighs more heavily in the later part of the week. Most issuers next week will also likely announce new bond deals with 10-year maturities. One manager said that while “the front end has money that needs to be put to work, the sweet spot in the curve is still the 10-year.” Investment-grade debt issuance Friday was comprised of four 10-year deals. These included: $2.25 billion of sovereign notes from the Republic of Slovenia in its inaugural U.S. dollar bond sale. The private placement issuance sold the issuance at a price to yield 5.70% versus initial price talk in the low 6.0% area. The deal, rated ‘Baa2′ by Moody’s Investors Service and ‘A’ by Standard & Poor’s, was jointly led by BNP Paribas, Deutsche Bank and J.P. Morgan. Anadolu Efes priced $500 million of triple-’B’ rated, 10-year notes in a private placement sale at 175 bps more than comparable U.S. Treasuries; North American Development Bank priced $250 million of 10-year bonds at 65 bps more than U.S. government bonds of similar maturities; and Texas Eastern Transmission launched $500 million of ‘BBB’-rated, 10-year debt in a private placement at 105 bps more than U.S. Treasuries. While U.S. corporate quarterly earnings season continues at full steam, many domestic firms face their respective regulatory blackout periods, however that has not hindered a swarm of overseas-based issuers from announcing new high grade debt. Korea Expressway, Akbank, Sydney Airport, Xstrata Finance, PTT PCL and Sberbank were among the firms that sold fresh debt offerings this week. And a host of sovereigns could announce new bond sales as soon as next week. Among the global names stacking up in the pipeline are Sweden, the Republic of Chile, Uruguay, Morocco and Costa Rica. In the agency bond market, Fannie Mae is scheduled Thursday, October 25 to announce its Benchmark Note issuance. This is its second calendar slot this month. On its previous October 16 calendar date, the agency reopened its 0.50% Sept 2015 Benchmark Note for $1 billion via an Internet auction. For additional supply offerings, see the full listing of deals on the US$ Credit Supply Pipeline, an abbreviated list of which is appended below. US$ CREDIT SUPPLY PIPELINE – October 19, 2012 WTD: 34,250 MTD: 72,100 MTD 2011: 23,350 YTD: 1,024,630 Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) 10/19 500 #Texas Eastern Transmission 10 T+105 JPM/RBC/RBS/ (Baa1/BBB+) 144A Reg S STRH 10/19 500 *Anadolu Efes (Baa3/BBB-) 10 T+175 BAML/HSBC/ 144A Reg S JPM/RBS 10/19 250 *North American Development Ba 10 T+65 BAML/BNP (Aaa/AA+) 10/19 2250 *Republic of Slovenia (Baa2/A) 10 5.70% BNP/DB/JPM 144A Reg S, T+389.7 10/18 600 *Bank of New York Mellon 3 T+33 BoNY/MS/RBS/UBS (Aa3/A+) Fixed 10/18 400 *Bank of New York Mellon 3 3mL+23 BoNY/MS/RBS/UBS (Aa3/A+) FRN 10/18 500 *Bank of New York Mellon 5 T+55 BoNY/MS/RBS/UBS (Aa3/A+) Fixed 10/18 2000 *Sberbank (Baa1/BBB(F) 10 5.125% HSBC/JPM/SBK T+331.7 10/18 2000 *Morgan Stanley (Baa2/BBB+) 10 T+310 MS Subordinated notes 10/18 500 *PTT PCL (Baa1/BBB+) 10 T+160 BAR/C/DB/ 144A Reg S, Thailand JPM 600 *PTT PCL (Baa1/BBB+) 30 T+160 BAR/C/DB/ 10/18 144A Reg S, Thailand JPM 10/18 300 *RPM Intl (Baa3/BBB-) 10 T+165 RBS/WFS 101 CoC Put 10/18 2500 *Oracle Corp (A1/A+) 5 T+45 C/JPM/RBS/WFS 10/18 2500 *Oracle Corp (A1/A+) 10 T+68 C/JPM/RBS/WFS 10/18 1250 *Xstrata Finance (Baa2/BBB+) 3 T+140 BAR/JPM/MIZ/RBS 10/18 1750 *Xstrata Finance (Baa2/BBB+) 5 T+170 BAR/JPM/MIZ/RBS 10/18 1000 *Xstrata Finance (Baa2/BBB+) 10 T+220 BAR/JPM/MIZ/RBS 10/18 500 *Xstrata Finance (Baa2/BBB+) 30 T+235 BAR/JPM/MIZ/RBS ** MNI New York Bureau: 212-669-6430 ** –email: slevine@mni-news.com [TOPICS: MTABLE,MMUFE$,MNUAU$,M$U$$$,MC$$$$,MK$$$$,MGU$$$]

FX doesn’t care about the stock rout anymore Posted: 19 Oct 2012 10:49 AM PDT Not sure why FX has decoupled from the slide in US equities but EUR/USD seems pretty comfortable on the 1.3025 area. Small bids are seen in the 1.3000 area with more stops set below that level. Stocks trade at their lows, with the S&P down almost 1.6%.

Irish FinMin: Merkel comments on legacy assets aimed at Spain, not us Posted: 19 Oct 2012 10:28 AM PDT Future meetings will work out if bank toxic asset transfers are retroactive or not Merkel wants Spain to retain responsibility for bad asset accumulated in the past….

Best trade this week: AUD/CAD long Posted: 19 Oct 2012 10:17 AM PDT Hard to believe that the commodity cousins diverged so much this week but AUD was the best performing major and CAD was the worst (followed by JPY). AUD/CAD gained every day this week and is above the 55-day moving average for the first time since August. The rally might not be over. The weekly chart is a three-candle reversal and shows that the area around 0.99 has been a springboard for large gains. The past four times AUD/CAD has fallen below parity, the resulting rallies exceeded 1.05 before any significant correction. The September high of 1.0269 is the key level to watch, followed by the 100-day MA at 1.0292.

Oil nears $90 Posted: 19 Oct 2012 09:28 AM PDT Tough to be an oil trader. There have been four sizable whipsaws this week and WTI is nearing the lows of the week.

Merkel: Euro was the right decision Posted: 19 Oct 2012 09:24 AM PDT Euro has made European Union irreversible Good Europeans help others to bring in reforms Banking supervision pointless if not done correctly Bank recapitalizations  possible only once bank supervision in place Speaking to the CSU party conference.

US BudgetWeek: Obama, Romney Sharpen Fiscal Disputes In Debate Posted: 19 Oct 2012 09:20 AM PDT –Obama and Romney Exchange Withering Attacks On Budget Issues –Obama Hammers Romney For ‘Sketchy’ Program On Tax Cuts, Deficits –Romney Scorches Obama For String of $1 Trillion Annual Budget Deficits By John Shaw WASHINGTON (MNI) – Fiscal policy returned to center stage in this week’s presidential debate, with President Obama ridiculing Republican challenger Mitt Romney for a “sketchy” fiscal policy that calls for deep additional tax cuts with no plausible plan for paying for them. Romney returned fiscal fire by hammering Obama for presiding over a string of trillion-dollar annual deficits, thus falling fall short of his promise in 2008 to cut budget deficits in half during his first term. During the Tuesday night debate in New York, Obama argued that Romney’s call for 20% across-the-board tax cuts would cost $5 trillion over a decade. He added that Romney is also seeking $2 trillion in additional defense spending over a decade. “That’s $7 trillion. He also wants to continue the Bush tax cuts for the wealthiest Americans. That another trillion dollars. That’s 8 trillion,” Obama said. “That’s before we even get to the deficit we already have,” Obama said, adding “nobody who’s looked at it that’s serious actually believes it adds up.” Romney ridiculed Obama’s record of economic leadership, saying there is no plausible reason to believe it would improve in a second term. “I can tell you that if you elect President Obama, you know what you’re going to get. You’re going to get a repeat of the last four years. We just can’t afford four more years like the last four years,” he said. “We’ve gone from $10 trillion of national debt to $16 trillion of national debt. If the president were re-elected, we’d go to almost $20 trillion of national debt. This puts us on a road to Greece,” he added. Romney insisted that his experience in the business world would allow him to push budget reforms. “I know what it takes to balance budgets. I’ve done it my entire life,” he said. In another fiscal matter, The Committee for a Responsible Federal Budget said comprehensive tax reform which lowers tax rates and broadens the tax base can also reduce the budget deficit. “Combining rate reductions with substantial cuts to tax preferences has the potential to not only help address our growing debt, but also to reduce distortions and promote robust economic growth,” it said. It added: “In any plan, the main priority of tax reform should be to help address our growing debt.” The Committee on a Responsible Federal Budget report also said those working on tax reform should be aware of the “important and difficult trade-offs involved between tax expenditure reduction, rate reduction and deficit reduction. Identifying enough revenue to reduce both deficits and rates will require bold thinking and tough choices.” Finally, a Congressional Research Service report said the federal spending on 83 programs designed for low income people or limited income people cost $746 billion in the 2011 fiscal year. These programs include Medicaid, the Low Income Energy Assistance Program, Pell Grants and the Ryan White HIV/AIDS program. The report was requested by Sen. Jeff Sessions, the ranking Republican on the Senate Budget Committee, who said in a statement that these 83 programs should be viewed as “welfare programs” and that when $283 billion in state funds for these programs is also calculated the overall cost of the programs is more than $1 trillion. “These astounding figures demonstrate that the United States spends more on federal welfare than any other program in the federal budget,” Sessions said in a statement. ** MNI Washington Bureau: (202) 371-2121 ** [TOPICS: M$U$$$,MFU$$$,MCU$$$]

Russian economy slows Posted: 19 Oct 2012 09:08 AM PDT September GDP 2.5% y/y compared to 2.8% in August. Russia is one of the very few countries that has hiked interest rates recently. I suspect that’s the end of that.

Another leg lower for risk as stocks extend losses Posted: 19 Oct 2012 08:59 AM PDT EUR/USD, EUR/JPY, commodity currencies, gold…they are all in retreat as stocks take a heavy hit following a sting of weak earnings reports over the last two sessions. Stops in EUR/USD are being hit at the moment and more are likely if we slip below 1.3000 where the broken trendline which helped propel EUR/USD toward a retest of the range tops earlier this week comes back into play.

Cable breaks 1.6000 Posted: 19 Oct 2012 08:56 AM PDT The magnetic 1.60 level has given way GBP/USD. The main level to watch is last week’s low of 1.5976 but stops are said to lurk below 1.5990.

Next Week/US: Housing, FOMC, Q3 GDP, Durables Posted: 19 Oct 2012 08:40 AM PDT By Kasra Kangarloo WASHINGTON (MNI) – Another row of housing data and the next meeting of the Federal Open Market Committee will be the primary economic news next week. Housing data will likely see greater relevance among next week’s headlines following the surprise 15% surge in housing starts over the month of September. The news came as a surprise to analysts and markets alike, and could mark the official start of the real “housing market recovery.” The August FHFA house price index and the September new home sales index will both be released Wednesday at 10:00 a.m. ET and September pending home sales will be released Thursday at 10:00 a.m. ET. Prices are another bright spot in the “real recovery” story, as the market has finally started to show some traction due to a dwindling supply of homes for sale. The FOMC will also meet again next week, though there are likely to be few fireworks following the significant change in policy at the last meeting. The committee has now committed itself to an open-ended purchase program contingent on the unemployment rate, and that’s unlikely to change for now. The FOMC statement will be released Wednesday at approximately 2:15 p.m. ET. The advanced report for third quarter GDP, to be released Friday at 8:30 a.m. ET, is expected to show growth of just under 2.0%. Even meeting expectations would likely come as a relief to markets, after the third estimate of the last quarter’s figure showed a surprisingly low 1.3% growth rate. September durable goods orders, to be released Thursday at 8:30 a.m. ET, are expected to show modest gains in core figures, which exclude transportation and defense. Headline orders are expected to surge. Manufacturing has lately hovered at an inflection point, with the Institute for Supply Management’s monthly index, orders and exports all pointing to a possible slowdown in the industry. It’s not yet definitive, however, though higher gas prices could pose problems down the line. The University of Michigan will also release its final October consumer sentiment report on Friday at 9:55 a.m. ET, and will be worth watching after the surprise surge in the preliminary release. Consumer confidence, along with sub-8.0% unemployment and better housing data, have given the economic recovery some real teeth. The question, as always, is whether consumption and further job gains will follow. Initial jobless claims are expected to return to a more stable range of 370,000 after the wild swings in the last two weeks, which MNI noted were due to some technicalities in state reporting. Other data to be released over the week include the October Kansas City Federal Reserve manufacturing activity index on Thursday at 11:00 a.m. ET, the October Richmond Federal Reserve manufacturing index on Tuesday at 10:00 a.m. ET, the October Chicago Federal Reserve national activity index on Thursday at 8:30 a.m. ET, the Markit preliminary purchasing managers index for October on Wednesday at 8:58 a.m. ET, and the Mortgage Bankers Association’s mortgage applications index on Wednesday at 7:00 a.m. ET. Federal Reserve speakers over the week will be limited in advance of the FOMC meeting, though Cleveland Federal Reserve president Sandra Pianalto will speak on payment systems in Chicago on Monday at 1:30 p.m. ET. – Kasra Kangarloo is a reporter for Need to Know News ** MNI Washington Bureau: 202-371-2121 ** [TOPICS: M$$FI$,M$U$$$,MAUDS$]

European equity close: Rough finish but let’s keep it in perspective Posted: 19 Oct 2012 08:33 AM PDT UK FTSE -0.4% German DAX -1.0% French CAC -1.1% Spain IBEX -2.4% Italy MIB -2.0% German, French and UK stocks were up for the first four days this week so some give-back is no surprise and nothing to get worked up about. Solid weekly gains across the board.

Another Spanish region rattles the tin-cup Posted: 19 Oct 2012 08:32 AM PDT Asturias requests EUR 262 mln Second region today… Regional bailout fund almost tapped out.

Gold sinks to one month low Posted: 19 Oct 2012 08:30 AM PDT Quick trip down to $1726 for gold. There is support at $1717/20 which is the convergence of the late-September low and the 38.2% retracement of the Aug-Sept rally.

Berlusconi facing the music today Posted: 19 Oct 2012 08:12 AM PDT Berlusconi is on trail today in Milan and denying that any sex parties ever occurred at his villa. "I can rule out that there have ever been scenes of a sexual nature," the 76-year-old Berlusconi, wearing a dark blue suit, told judges as he addressed the packed Milan courtroom for the first time. As bad as things are in Europe, at least that egomaniac isn’t in charge any more.

Where would Friday be without this song? Posted: 19 Oct 2012 07:42 AM PDT Just another day of the week.

Samaras: Greece Needs Loan Tranche; To Run Out Of Cash Nov 16 Posted: 19 Oct 2012 07:30 AM PDT –Says Lenders Must Agree On Troika Debt Report But Differences Remain By Angelika Papamiltiadou BRUSSELS (MNI) – Greece will run out of money in mid-November and needs to receive a E31.5 billion loan disbursement from its bailout package as soon as possible, Greek Prime Minister Antonis Samaras said Friday. “On the 16th of November the country will run out of cash. We would like to receive the loan tranche immediately after the release of the troika report,” Samaras told reporters here after the EU summit, referring to an eagerly-anticipated analysis by Greece’s official creditor group, comprised of officials from the European Commission, European Central Bank and International Monetary Fund. “We expect this to happen by the middle or end of November,” Samaras added. Samaras said his government is implementing the measures and previously agreed commitments that its creditors require. But the lenders still do not have a unified view of how to address a number of key issues: the extra time Greece is requesting to meet its fiscal targets, the funding gap that such an extension will produce, and an upcoming report on the sustainability of the country’s sovereign debt. “All three are linked and there is still a difference of opinion,” Samaras said. The disagreement “is okay, as long as it doesn’t happen at our expense.” Commenting on the sentiment inside the EU summit meeting Thursday and Friday – his first – Samaras expressed satisfaction that all the leaders had signalled their solidarity and their confidence in Greece’s recovery and reform efforts. “Sentiment is changing and you can see it in the [EU summit] communique on Greece,” he said. “It was a very positive statement. We can benefit from the decisions on bank recapitalization at the EU level, since that will allow us to write off the money spent [on Greek banks] from the [government's] outstanding debt figure at some point.” However, in direct contradiction of this point, Germany’s Chancellor Angela Merkel said Friday that there will be no retroactive bank recapitalization by Europe’s new rescue fund, the European Stability Mechanism. Asked by MNI to comment on Merkel’s assertion, a top Greek Finance Ministry official predicted that, “Germany will come around in the end.” The EU stance towards Greece “has changed significantly,” Samaras said. He added: “I want to address all those speaking about Greece’s exit from the Eurozone to say that this is no longer possible. But I have highlighted to my counterparts the problems we are facing from rising unemployment, the liquidity shortage and the ongoing recession.” Samaras argued that economic growth needs to return to Greece, and he said he is lobbying his European counterparts so that the criteria for the allocation of EU funds are changed to fit Greece’s current needs. “I explained to them that Greek society has reached its limits. Liquidity which is the blood of the economy, is now zero. Unemployment among the youth has reached a nightmare scenario. This is not Europe!” he exclaimed. “This is how extremists rise.” Samaras said he fully realized that the new austerity package “is very tough.” But “it is the last one,” he stressed. “I won’t be satisfied until we return to a growth path,” the Greek premier said. “Even [European Commission President Jose Barroso, after my speech last night, said that Greece has reached the limits of fiscal discipline." Samaras appeared satisfied with the stance of French president Francois Hollande during the Summit, saying that Hollande's input had helped shape a more positive communique on Greece. He noted that Hollande will visit Athens soon, as will Italian Prime Minister Mario Monti. Asked how the question of Greece's debt sustainability will be resolved, Samaras declined to answer. Many of Greece's official creditors believe the current target of 120% of GDP by 2020 - a line in the sand for the IMF - is unattainable. How that dilemma is addressed will be a key aspect of the troika's upcoming Debt Sustainability Assessment. "Allow me not to say anything else about it at this stage" the Greek premier said. --Brussels newsroom, apapamilitadou@marketnews.com; +324-754-38314 [TOPICS: M$Y$$$,MGX$$$,M$$CR$,M$X$$$,MT$$$$]

Aussie sinking Posted: 19 Oct 2012 07:17 AM PDT AUD/USD now down 30 pips on the day to 1.0336. Light demand at 1.0320 with solid bids at 1.0300. Looks like option demand was holding up risk trades through the top of the hour.

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