FX Update: The Trump-deflation trade took the place of the Trumpflation trade. The dollar extended declines that were seen after Trump's press conference yesterday amid a lowering in expectations for accelerated growth after the president elect failed to deliver details on fiscal or infrastructure plans while displaying a zeal for trade protectionism. The buck was off its lows heading into the New York interbank open but was still showing a loss of 0.6% versus the euro, a 0.9% decline against the outperforming yen, and losses of between 0.8% and 0.9% % versus the dollar bloc currencies. USD-JPY lurched under 114.00 on route to a one-month low of 113.75, seen in the mid-European AM session before the dollar recouped to levels around 114.30, which still left the pair over a big figure down on the day. EUR-USD clocked a one-month peak at 1.0664, helped on its way by much stronger than expected Eurozone production data for November, which jumped 1.5% m/m. Elsewhere, EUR-SEK tumbled to four-month lows amid a krona rally following perkier than expected December inflation numbers out of Sweden. The headline CPI figure rose to 1.7% y/y from 1.4% in November.