Sunday, 9 June 2013

COT data of June 4th 2013 - British Pound [BP]

British Pounds - Total o/i  210499; spreads 3511 - up to around 1.7% of the total, possibly as a result of the switch of spot trading month.

Nett differences:

Commercials +101828 (from +101363).  Large Specs -77738 (from -74525).  Small Specs -24090 (from -26838).

Commercials (55.2% of total o/i) - 79.8% of Longs, 30.6% of Shorts, balance plus 49.2
Large Specs (31.7% of total) - 12.9% of Longs, 50.5% of Shorts, balance minus 37.6
Small Specs (13.1% of total) - 7.3% of Longs, 18.9% of Shorts, balance minus 11.6

Although the direction remains the same as previously, the fact that open positions are being affected by the spot June position going off the board, taken together with the major change in prices since the figures were collected last Tuesday (spot moved up to around 1.57 from nearer 1.53, before falling back slightly), makes any conclusion more uncertain than usual. However, for the time being we have to stay with the trend; based on these figures, it still seems likely that Sterling will strengthen against the Dollar. 

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