COT data of Sep 16th 2014 - British Pound [BP]

British Pounds - Total o/i 134560, spreads 2561 (1.9%%).  Closing price Sep 16th 1.6275

Nett differences:  Commercials  +15775 (from-17678)  Large Specs -6581 (from +26727)  Small Specs -9194 (from -9049)

 

Proportions: 

Commercials (36.8% of total o/i) -

42.8% of Longs (from 57.6%), 30.8% of Shorts (vs 64.8%), balance plus 12.0 (vs minus 7.2)

Large Specs (44.6% of total) -

42.1% of Longs (from 33.1%), 47.1% of Shorts (vs 22.2%), balance minus 5.0 (vs plus 10.9)

Small Specs (18.6% of total) -

15.1% of Longs (from 9.3%), 22.1% of Shorts (vs 13.0%), balance minus 7.0 (vs minus 3.7) 

 

Total open interest fell very sharply, as did Spreads. Commercials moved to nett long, for the first time in a year, while Large Specs went nett short, reducing longs as well as adding to shorts. Small Specs went further short, and hold an unusually large proportion of the total open position. 

It may take a while for the Pound to digest the result, and the aftermath, of the Scottish referendum, but in the short term a relief rally could be significant.

  

[ Dollar Index: Proportions - Commercials (41.4% of total o/i) -

7.3% of Longs (from 5.9%), 75.4% of Shorts (vs 51.9%), balance minus 68.1 (vs minus 46.0)

Large Specs (52.7% of total) -82.5% of Longs (from 83.1%), 23.0% of Shorts (vs 45.7%), balance plus 59.5 (vs plus 37.4)

Small Specs (5.9% of total) -10.2% of Longs (from 11.0%), 1.6% of Shorts (vs 2.4%), balance plus 8.6 (unchanged). Has the Dollar's uptrend ended?]