As this article says, the thinness of summer markets could make for treacherous trading.
A Short Note Before FOMC Minutes
The US dollar has stabilized against the euro, sterling and yen, where it has been confined to yesterday's trading range, awaiting the FOMC minutes from the July 30-31 meeting later today. Against the dollar bloc and several of the beleaguered emerging markets currencies, like India, South Africa, Indonesia and Turkey, the greenback has extended its gains. A number of emerging markets are taking fresh initiatives to stem capital outflow. Turkey hiked its overnight lending rate yesterday by 50 bp to 7.75% and announced additional (minor) tightening measures earlier today, such as doubling the size of the currency ... (full story)