The Beige Book report provides the Federal Reserve with an updated assessment of how conditions are "on the ground" in each of the 12 Fed districts. It is an important report that should never be overlooked because it carries a lot of weight with the Federal Reserve and has significant predictive capabilities for GDP according to a number of studies. This in-depth analysis of the economy comes at an important crossroads in Fed policy. We know that job growth and consumer spending improved in the month of July but what we don't know is how broad-based the improvement has been and whether it has continued into the month of August. The Beige Book report should provide us with some answers and depending on the level of clarity, a reaction in the U.S. dollar. Aside from the Beige Book report, the second release of Q2 GDP is also due along with pending home sales. GDP growth is expected to be revised slightly higher and home sales are expected to rebound.