British Pounds - Total o/i 141735; spreads 2811 (= 2.0%). Closing price on Sep 17th: 1.5905
The switch of trading months did indeed affect Spread numbers - they have reverted to more normal levels.
Commercials -2655 (from +36534) Large Specs -6310 (from -38166). Small Specs +8965 (from +1632)
Commercials (43.7% of total o/i) - 42.8% of Longs, 44.7% of Shorts, balance minus 2655
Large Specs (34.0% of total) - 31.8% of Longs, 36.3% of Shorts, balance minus 4.5Small Specs (22.3% of total) - 25.4% of Longs, 19.0% of Shorts, balance plus 6.4
These figures reflect the position last Tuesday ev ening, before the Fed surprised markets by leaving QE at unchanged levels, and much alteration has probably taken place since then. However, based on these figures, it is notable that Commercials had reduced their longs massively, in addition to cutting shorts, while Small Specs added to longs and reduced shorts. With Small Specs holding over 22% of the total open position, choppy trading was to be expected. Our medium term attitude remains - Commercials have been taking advantage of higher prices to sell, and Small Specs are unduly long.