Saturday, 3 May 2014

COT data of Apr 29th 2014 - British Pound [BP]

British Pounds - Total o/i 236030, spreads 2669 (1.1%).  Closing price April 29th 1.6825
Nett differences:  Commercials -65316 (from -67077)  Large Specs +44234 (from +47800)  Small Specs +21082 (from +19277)

Commercials (59.5% of total o/i) - 
45.5% of Longs (from 44.9%, 73.5% of Shorts (vs 73.5%), balance minus 28.0 (vs minus 28.6)
Large Specs (27.3% of total) - 
36.8% of Longs (from 38.2%), 17.8% of Shorts (vs 17.8%), balance plus 19.0 (vs plus 20.4)
Small Specs (13.2% of total) - 
17.7% of Longs (from 16.9%), 8.7% of Shorts (vs 8.7%), balance plus 9.0 (vs plus 8.2)

Once again, very little change showing - indeed, all the 'proportionate' short positions are precisely the same as the previous week. Commercials again added slightly to longs, reducing their nett and proportionate short position, but this seems barely significant. Large Specs reduced longs, while Small Specs added to theirs.

The Dollar Index COT also showed little change overall, with Commercials (who only hold 16% of the total open interest) again reducing longs and adding to shorts, while Large Specs (with a 73% share of the market) came out a shade less short of the Dollar. Small Specs (who are not invariably wrong in this market) hold all the nett longs.
With some relief, we have to say that there will be no reports for the next 3 weeks - perhaps by month-end, BP positions will be providing more significant guidance.

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