British Pounds - Tuesday's close, at 1.5910, yet again showed little change from the previous week, and the total open position was again uninspiring, at 142660 (from 135147). Spreads also were almost unchanged at 160 (from 157).
Whatever judgements one might have made previously remain as they were - Commercials have again lessened their enthusiasm (their nett was plus 6983, and they held only 61.6% of the total long o/i, down from 62.1%, with their shorts increasing slightly as a proportion, at 56.7%, from 55.5%).
Large Specs added to longs, and also to shorts (although to a lesser extent), while Small Specs did the same, adding to both longs and shorts - they remained nett long overall, with their share of the total open position remaining comparatively high, at 17.2% ( from 17.4% previously). Commercials hold 59.2%, compared to a 'normal' 64 - 70%, and Large Specs have 23.6%, which remains just slightly more than usual).
As we said last week, perhaps the next set of figures will provide more convincing guidance - meantime, we're not bullish in the medium term.
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