British Pounds - With values moving sideways for 10 days or so, and with a long holiday weekend in prospect, it was not surprising to see very little change in commitments in the latest figures. Total o/i was up a shade, at 214636, while spreads were little changed at 2802 - 1.3% of the total.
Commercials +95441 (from +93602). Large Specs -66555 (from -61480). Small Specs -28886 (from -32122). Commercials added marginally to longs and shorts, Large Specs reduced longs and added (once again) to shorts, and Small Specs did the reverse, adding slightly to longs while reducing their shorts.
Commercials (52.3% of total o/i) - 74.8% of Longs, 29.8% of Shorts, balance plus 45.0
Large Specs (33.7% of total) - 18.0% of Longs, 49.4% of Shorts, balance minus 31.4
Small Specs (14.0% of total) - 7.2% of Longs, 20.8% of Shorts, balance minus 13.6
The nett balance of Commercials moved higher again, at plus 45.0 (a very high figure), while Large Specs took up the slack left as Small Specs reduced their involvement. Although the numbers are different, there appear to be similarities in behaviour with the action starting first half June 2012, when - after considerable churning - prices ultimately moved higher. We remain on the side of the Commercials.