Economic calendar: US retail sales and rate decision from 4 central banks

• European indices set for lower opening

• Rate decisions from SNB, Norges Bank, BoE and ECB

• US retail sales data due at 1:30 pm GMT

Futures markets point to a lower opening of the European cash session today, following downbeat trading on Wall Street yesterday and in Asia today. The Hawkish Fed is to blame for the increase in risk aversion as the US central bank expects rates to move higher than previously thought and expects them to stay at elevated levels for longer. USD gained and put pressure on precious metals.

While the FOMC decision was a key event of the week, traders will not complain about lack of action on the markets today. US retail sales data will be released in the early afternoon and is expected to show a small drop in headline measure. However, central banks may be the biggest source of FX market volatility today as investors will be offered decisions from 4 central banks from Europe. SNB, BoE and ECB are all expected to deliver 50 bp rate hikes today while Norges Bank is seen sticking to 25 bp pace of tightening.

8:30 am GMT - Swiss National Bank rate decision

9:00 am GMT - Poland, CPI inflation for November (final). First release: 17.4% YoY

9:00 am GMT - Norges Bank rate decision

12:00 pm GMT - Bank of England rate decision

1:15 pm GMT - European Central Bank rate decision

1:30 pm GMT - US, retail sales for November.

• Headline. Expected: -0.2% MoM. Previous: 1.3% MoM

• Ex-autos. Expected: 0.2% MoM. Previous: 1.3% MoM

1:30 pm GMT - US, jobless claims. Expected: 230k. Previous: 230k

2:15 pm GMT - US, industrial production for November. Expected: 0.1% MoM. Previous: -0.1% MoM

3:30 pm GMT - EIA natural gas storage change. Expected: -39 bcf. Previous: -21 bcf

Central bankers' speeches

• 1:45 pm GMT - ECB President Lagarde (post-meeting press conference)