British Pounds - Total o/i rose, to 166060, with spreads also higher, at 3248 (2.0% of the total).
Commercials +140 (from -23389). Large Specs +10622 (from +17938). Small Specs -10762 (from +5451). Commercials moved to nett long (although only barely) - the first time since mid-August of last year.
Small Specs went nett short, also for the first time since August 2012.
Commercials (52.2% of total o/i) - 52.3% of Longs, 52.2% of Shorts, balance plus 0.1
Large Specs (32.4% of total) - 35.6% of Longs, 29.1% of Shorts, balance plus 6.5
Small Specs (15.4% of total) - 12.1% of Longs, 18.7% of Shorts, balance minus 6.6
Tuesday's close was down from the previous week, at 1.5765, but since then the market has proved highly erratic, bouncing from around 1.5700 to almost 1.5900 before falling again. Based on the COT figures (and although fundamental backing seems absent), we continue to look for steadier conditions for the Pound.