North American Summary and Highlights 14 Dec

North American session
EUR/USD and GBP/USD both gained close to 1% through the North American session, as the ECB and BoE both indicated somewhat more hawkish policy stances than the FOMC had on Wednesday. The ECB’s staff forecasts made modest downward revisions to inflation and growth, but Lagarde indicated that these were based on somewhat higher rates than are currently extant, and said that some inflation drivers remained strong. The Bank of England also said rates would remain high for an extended period, and three MPC members continued to vote for a further rate hike. 
The USD gained some brief support from weaker than expected jobless claims data and stronger than expected retail sales, but EUR/USD extended gains beyond 1.10. USD/JPY was little changed near 141.60, with AUD/USD also little changed at 0.6715. But USD/CAD fell half a figure to 1.34.
European morning session
The USD lost a little ground against the EUR and GBP through the European morning, but was little changed against the JPY and AUD. The NOK was the big mover, rising sharply after Norges Bank surprised the market with a 25bp rate hike. EUR/NOK fell 20 figures to 11.52 in response. EUR/CHF was also firmer on the morning, rising around 40 pips to 0.9500 after the SNB left rates unchanged but removed their bias to tighten and forecast an undershoot of their inflation target, while also indicating that they would scale down their FX sales. EUR/USD gained around 20 pips to 1.0910, and GBP/USD gained 30 pips to 1.2660. 
Swedish CPI data was weaker than expected, particularly the core which showed a fall to 3.6% y/y in November from 4.2% in October, and EUR/SEK initially rose slightly in response, but fell back to opening levels near 11.20 by the end of the morning.