ForexLive North American wrap: Now THAT'S a Trading Day

Draghi says ECB decision to hold rates unanimous
Draghi: Risks for euro area remain on the downside
Initial jobless claims 371K vs 365K exp
Dec Philly Fed revised to 4.6 from 8.1
Canadian Nov building permits -17.9% vs -7.6% exp
US Nov wholesale sales +2.3% vs +0.6% exp
BOJ and govt to specify 2% inflation target – Nikkei
Nikkei: PM Abe says BOJ should target unemployment
Fed's Bullard sees 3.2% growth this year
Macklem: BOC likely to downgrade growth forecasts
Fitch downgrades South Africa to BBB from BBB+
Strong 30-year T-bond sale
S&P 500 closes at five-year high, up 0.8% to 1472
EUR leads, JPY lags

Draghi sent the euro soaring as he erased expectations for the ECB to cut rates, saying the decision was unanimous. Once the momentum got rolling, it was unstoppable with the euro rising more than 200 pips.

The euro rally only really spilled over to GBP, rather than sparking a broad dollar rally. I suspect there was some dollar selling but it got scooped up via USD/JPY.

More evidence of that theory came late in the day as USD/JPY charged 45 pips higher, through 88.50. All the sudden, USD/JPY is within striking distance of 90.00 with all the yen crosses at long-term highs.