COT data of Jan 15th 2013 - British Pound [BP]

British Pounds - Total o/i was a little lower, at 163295, but spreads were up, at 1568, increasing the proportion to around 1.0% - not surprisingly, given the price swings and resulting uncertainty.

Nett differences:

Commercials -46945 (from -43421).  Large Specs +28338 (from +25949).  Small Specs +18607 (from +17292). 

 

Proportions:  

Commercials (52.6% of total o/i) - 38.1% of Longs, 67.1% of Shorts, balance minus 29.0

Large Specs (30.7% of total) - 39.4% of Longs, 21.9% of Shorts, balance plus 17.5

Small Specs (16.7% of total) - 22.5% of Longs, 11.0% of Shorts, balance plus 11.5

Commercials reduced longs more than shorts, while Large Specs added to longs more than to shorts. Small Specs made little significant change to their positions.

With Tuesday's close almost unchanged from the previous week, at 1.6065 against 1.6055, but big price swings both before and since then, it is hard to draw conclusions from the once-a-week figures, but on balance - with Commercials still favouring the short side - we revert to our previous stance, of slightly negative on the Pound.