British
Pounds - Values slightly lower again, to 1.6135 on Tuesday 2nd; total
o/i up, to 177746, with spreads again very low, at only 86.
Nett differences:
Commercials -56136, from -53922. Large
Specs +30094, from +27137.
Small Specs +26042, from +26785. Changes are generally in line with the increase in total o/i.
Proportions:
Commercials (54.8% of total o/i) - 39.0% of Longs, 70.6% of Shorts, balance minus 31.6
Large Specs (28.0% of total) - 36.4% of Longs, 19.5% of Shorts, balance plus 16.9
Small Specs (17.2% of total) - 24.6% of Longs, 9.9% of Shorts, balance plus 14.7
Commercials have added a little to both their longs and (slightly more) their shorts, taking them (just) to their biggest minus balance this year. Large Specs - with the trend not having turned significantly - are slightly longer overall, and Small Specs - although still holding a surprisingly large proportion of the total o/i - are a little less bullish than they were. However, with little significant change anywhere, last week's comments remain valid - we
look for Sterling to fall rather than rise.
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