COT data of Apr 22nd 2014 - British Pound [BP]

British Pounds - Total o/i 237055, spreads 2433 (1.0%).  Closing price April 22nd 1.6800
 

Nett differences:  Commercials -67077 (from -70626)  Large Specs +47800 (from +50598)  Small Specs +19277 (from +20028)

Proportions:   

Commercials (59.2% of total o/i) - 

44.9% of Longs (from 43.9%, 73.5% of Shorts (vs 75.4%), balance minus 28.6 (vs minus 31.5)

Large Specs (28.0% of total) - 

38.2% of Longs (from 39.0%), 17.8% of Shorts (vs 16.4%), balance plus 20.4 (vs plus 22.6)

Small Specs (12.8% of total) - 

16.9% of Longs (from 17.1%), 8.7% of Shorts (vs 8.2%), balance plus 8.2 (vs plus 8.9)

A slight change in emphasis this week, as Commercials added to longs - both outright and proportionately - and reduced shorts (although only proportionately). They remain quite short on balance, however. Large and Small Specs remain long, but none of the figures show any extreme change in attitude.

 

The Dollar Index COT showed little change overall, although Large Specs (who have by far the biggest share of the market - 72.5% of the total open position) went shorter of the Dollar. For the time being, however, we still do not feel particularly bullish on the Pound.