British Pounds - Total o/i was lower again, at 165584, but spreads were up, at 982.
Commercials -43421 (from -61235). Large Specs +25949 (from +36308). Small Specs +17292 (from +24927).
Although the nett differences showed a considerable change from the previous week, the share of the total o/i held by each class did not alter much (see below).
Commercials (54.5% of total o/i) - 41.3% of Longs, 67.6% of Shorts, balance minus 26.3
Large Specs (28.9% of total) - 36.8% of Longs, 21.0% of Shorts, balance plus 15.8
Small Specs (16.6% of total) - 21.9% of Longs, 11.4% of Shorts, balance plus 10.5
Large Specs went the opposite way, reducing longs and increasing shorts, with Small Specs acting in
similar fashion, although to a lesser extent.
Thursday's big rally from the 1.60 area may have changed things, but based on the figures above, and considering the move by Commercials to a much reduced nett short, we are now considerably less negative on the Pound.