International Monetary Fund out with a report 12 July
- normalization still poses risks especially in countries where private debt has risen
- there's uncertainty about direction of economic policy in some advanced economies, especially risk of inward-looking prices
- potential for renewed market volatility from changing monetary conditions, unexpected turns in China's economic rebalancing
- IMF is working with countries to resist "damaging tax competition"
How far US mon pol normalization has come and intends to go leaves Yellen in the spotlight today as she testifies at 14.00 GMT. Speech to be published 12.30 GMT
Meanwhile USDJPY climbs back above 113.50. Expect offers/res into 113.80 and 114.00
EURUSD trawling on session lows at 1.1461 with large option expiries not too far away and in play.
US Fed Chair Yellen in focus today
