British Pounds - Total o/i was lower again, at 160820, but spreads were up once more, at 2153, increasing their proportion to around 1.3% - suggesting that uncertainty remains a factor in the market.
Commercials -23389 (from -46945). Large Specs +17938 (from +28338). Small Specs +5451 (from +18607). Small Specs show the smallest nett long since late August 2012, after which point the market started to firm.
Commercials (51.4% of total o/i) - 44.1% of Longs, 58.8% of Shorts, balance minus 14.7
Large Specs (32.3% of total) - 37.9% of Longs, 26.6% of Shorts, balance plus 11.3
Small Specs (16.3% of total) - 18.0% of Longs, 14.6% of Shorts, balance plus 3.4
Tuesday's close was well down from the previous week, at 1.5840 against 1.6065, but the figures above suggest that this fall may not continue. If Commercials continue to add to longs and reduce shorts - particularly with Small Specs doing the opposite - we could see the beginnings of a steady period for the Pound.