Saturday, 26 January 2013

COT data of Jan 22nd 2013 - British Pound [BP]

British Pounds - Total o/i was lower again, at 160820, but spreads were up once more, at 2153, increasing their proportion to around 1.3% - suggesting that uncertainty remains a factor in the market. 
Nett differences:
Commercials -23389 (from -46945).  Large Specs +17938 (from +28338).  Small Specs +5451 (from +18607). Small Specs show the smallest nett long since late August 2012, after which point the market started to firm.
Commercials (51.4% of total o/i) - 44.1% of Longs, 58.8% of Shorts, balance minus 14.7
Large Specs (32.3% of total) - 37.9% of Longs, 26.6% of Shorts, balance plus 11.3
Small Specs (16.3% of total) - 18.0% of Longs, 14.6% of Shorts, balance plus 3.4
Commercials added considerably to longs, and reduced shorts; Large Specs added considerasbly to shorts, while reducing longs. Small Specs reduced longs and added to shorts, both to a marked degree, but maintained a 'normal' share of the total market.

Tuesday's close was well down from the previous week, at 1.5840 against 1.6065, but the figures above suggest that this fall may not continue. If Commercials continue to add to longs and reduce shorts - particularly with Small Specs doing the opposite - we could see the beginnings of a steady period for the Pound. 

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