COT data of Sep 9th 2014 - British Pound [BP]

British Pounds - Total o/i 256591, spreads [NB] 10734 (4.2%%).  Closing price Sep 9th 1.6105

Nett differences:  Commercials -17678 (from -7550)  Large Specs +26727 (from +9448)  Small Specs -9049 (from -1898)

Proportions: 

Commercials (61.2% of total o/i) -

57.6% of Longs (from 59.8%), 64.8% of Shorts (vs 63.0%), balance minus 7.2 (vs minus 3.2)

Large Specs (27.6% of total) -

33.1% of Longs (from 28.7%), 22.2% of Shorts (vs 24.7%), balance plus 10.9 (vs plus 4.0)

Small Specs (11.2% of total) -

9.3% of Longs (from 11.5%), 13.0% of Shorts (vs 12.3%), balance minus 3.7 (vs minus 0.8) 

Total open interest rose once again, with Commercials adding slightly to longs - but only on an outright basis, not proportionately. They added very considerably to shorts, however, on both bases, although their nett short remained on the low side. Large Specs added to longs as well as reducing shorts, apparently attracted by the fall in Sterling values. Small Specs took the opposite view, reducing longs and adding to shorts - they are now at their shortest since late August 2013. 

This week's Scottish referendum is going to have a massive impact on price moves - the increase in Spreads is not simply caused by the impending switch of trading months. Erratic conditions can be expected to continue ...

  

[ Dollar Index: Proportions - Commercials (28.9% of total o/i) -

5.9% of Longs (from 6.7%), 51.9% of Shorts (vs 50.2%), balance minus 46.0 (vs minus 43.5)

Large Specs (64.4% of total) -83.1% of Longs (from 81.8%), 45.7% of Shorts (vs 47.7%), balance plus 37.4 (vs plus 34.1)

Small Specs (6.7% of total) -11.0% of Longs (from 11.5%), 2.4% of Shorts (vs 2.1%), balance plus 8.6 (vs plus 9.4) ]