COT data of July 29th 2014 - British Pound [BP]

British Pounds - Total o/i 237411, spreads 3847 (1.6%).  Closing price July 29th 1.6945

 

Nett differences:  Commercials -37541 (from -44883)  Large Specs +24910 (from +27497)  Small Specs +12631 (from +17386)   

 

Proportions:    

Commercials (60.7% of total o/i) -

52.6% of Longs (from 53.3%), 68.7% of Shorts (vs 72.2%), balance minus 16.1 (vs minus 18.9)

Large Specs (26.9% of total) -

32.3% of Longs (from 30.2%), 21.6% of Shorts (vs 18.6%), balance plus 10.7 (vs plus 11.6)

Small Specs (12.4% of total) -

15.1% of Longs (from 16.5%), 9.7% of Shorts (vs 9.2%), balance plus 5.4 (vs plus 7.3) 

 

Total open interest continued to shrink, with Commercials still covering their shorts while Large Specs added (slightly) to theirs. Small Specs remain long, but much less so. Last week's comment remains valid - further easing is likely, but not to any major extent.

[Total open interest on the Dollar Index jumped considerably, although the nett positions changed less than might have been expected. Commercials moved their balance down from minus 44.7 to minus 36.5, while Large Specs went down from plus 33.8 to plus 27.2 - the Euro/Dollar COT might give more helpful guidance.]