Tuesday, 21 August 2012

COT data of August 14th, 2012 - British Pound [BP]

British Pounds - Yet again remained inside the current range, closing last Tuesday at 1.5675. Total o/i (at 114042) was a little lower, with spreads (at 702, 0.6% of the total) also low.

Nett differences showed Commercials +8763 (from +20011), and Large Specs -288 (from -8275) - as near to square as could be. Small Specs decreased their nett short slightly, at -8475 (from -11736).
Proportionally, Commercials reduced their share of the total long position to a recent low of 53.9% (from 62.2%), while their shorts were not much changed, at 46.2% (from 44.6%). Their share of the total o/i was unremarkable, at 50.0% (from 53.4%) - recent figures show them holding between around 47 and 53 percent.
Large Specs increased their share of total longs, with 28.3% (from 22.7% previously). Their shorts were a shade lower, at 28.5% (from 30.0%), with total commitments rising to 28.4% (from 26.4%). 
Small Specs added to longs, and now hold 17.8% (from 15.1%), while their shorts remained almost unchanged at 25.3% (versus 25.4%). Their share of the total is comparatively high, at 21.6%.
In this period, Commercials have reduced longs considerably, while adding slightly to shorts, moving to a nett balance of plus 7.7, which is low. Large Specs are almost square, which is a fair reflection of current market action, and with Small Specs increasing their participation (inside a small total), we have to change our stance to slightly bearish.

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