The FOMC created turmoil for stocks after Fed Chair Jerome Powell announced that higher rates are likely to remain. As the US Dollar rips higher, Dax, Dow and FTSE fall.

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It was a sobering outlook from the Bank of England, warning of a ‘very challenging’ environment ahead for a U.K. economy that is already in recession.

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October U.S. services sector PMI clocks in at 54.4 versus 55.5 expected, a big step down from the previous month reading of 56.7, a sign that economic activity continues to decelerate.

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BoE delivers largest rate hike in 33 years. Sterling relatively unchanged as BoE says UK is already in a recession since Q3.

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Discover the London FX session, the best currency pairs to trade and how to trade breakouts.

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