Every summer from mid-July through August, major liquidity hubs thin out. London closes earlier relative to New York, Tokyo is on holiday, a

Every summer from mid-July through August, major liquidity hubs thin out. London closes earlier relative to New York, Tokyo is on holiday, and exotic-pair desks run skeleton rosters. For traders in $USDZAR and $USDTRY this is not theoretical - spreads widen from 2-4 pips to 5-20 pips.The first trap is entering a breakout in the late-London session without checking spread. A stop 10 pips above breakout level becomes a 30-pip effective stop in August purely from execution cost. The second trap is timing: the most volatile session for exotic crosses becomes the least liquid when London banks are partially closed.Practical...