EUR/USD sharply down

The EUR/USD exchange rate plunged by more than 1$ on Friday and is now trading just above 1.20. The preliminary estimates of Q1 GDP growth confirmed the double-dip recession in the euro area, while US March figures showed a record strong increase in personal income that foresees super strong growth in consumer spending for the months ahead. Moreover, a non-voting Fed member sent a noticeable warning about the Fed’s ultra-accommodative policy. Manufacturing PMI and ISM will be released today. Bank holiday in the UK.