COT data of May 15th 2012

British Pounds - Tuesday's close at 1.5995 was down a little from the previous week, but not really enough to make money - and it looks like the forthcoming period will be much the same. Changes in holdings were minimal, although overall the direction looks unaltered.

Commercials raised their share of total Longs to 51.5% (from 49.1%), but also increased their Shorts to 75.0% (from 73.4%). Nett therefore was minus 23.5, only a marginal change from the previous minus 24.3. Similarly, Large Specs moved to 28.9% of total Longs (from 29.9%), and to 16.3% of total Shorts (from 17.2%). Small Specs held 19.6% of total Longs (from 21.0%), and 8.7% of total Shorts (from 9.4%). Netts were plus 12.6 (from plus 12.7), and plus 10.9 (from plus 11.6) respectively - nothing very significant there ...


So we'll remain somewhat bearish on the Pound, but not very excited about it ...