Saturday, 21 June 2014

COT data of June 17th 2014 - British Pound [BP]

British Pounds - Total o/i 250231, spreads 1964 (0.8%).  Closing price June 17th 1.6960 
Nett differences:  Commercials -72946 (from -51429)  Large Specs +52596 (from +35842)  Small Specs +20350 (from +15587)   
Commercials (58.0% of total o/i) -
43.3% of Longs (from 51.0%), 72.7% of Shorts (vs 71.8%), balance minus 29.4 (vs minus 20.8)
Large Specs (29.9% of total) -
40.5% of Longs (from 34.4%), 19.3% of Shorts (vs 19.9%), balance plus 21.2 (vs plus 14.5)
Small Specs (12.1% of total) -
16.2% of Longs (from 14.6%), 8.0% of Shorts (vs 8.3%), balance plus 8.2 (vs plus 6.3) 
Commercials have cut longs and added to shorts considerably, on both an outright and a proportional basis, while both Large and Small Specs have increased longs while reducing shorts. Based on these figures, it's time to look for reasons to short the Pound. 

(Open positions in the Dollar Index have changed massively, with Commercials shorting aggressively, and Large Specs cutting shorts as well as adding to longs. Commercials now hold over 32% of the total open position, while Large Specs have come down from 75% to only just over 60%. It seems that Commercials have firmed up their view.)
(Bear in mind that the Dollar Index is based primarily [57.6%] on the Euro, and only 11.9% on Sterling)

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