End of summer vacations and speculators are back, but so far are idling.

Summer vacations have mostly ended.  The news stream has picked up.  Yet speculators have been mostly reluctant to make meaningful changes in their exposure to the currency futures.

There are a few notable exceptions.  First, over the past several weeks, speculators have reduced gross short euro positions by more than 20% since the end of July.  It stands at 173.3k contracts, after the bears covered 16.7k contracts in the CFTC reporting period ending September 13.