April 28, 2022 12:42 GMT
Skittish markets as sell-off extended lows ahead weekly data, GDP -- draws buying after GDP shrinks -1.4% in Q1 vs. an estimates +1.0%.
NOTE Block buy of 10,000 TUM2 at 105-16.5 well before data at 0822:35ET, w/ TUM trading 105-18.38 last.
- Market also watching continued surge in US$ strength, DXY $ index +.900 at 103.854, extending well past pandemic peak of around 102.992 to new 5-year highs.
- US FI markets broke overnight range ahead the opening bell, Tsy and Eurodollar futures selling off pre/post-German inflation data weighing on Bunds.
- Technicals: Moving average studies are in a bear mode and fresh cycle lows last week confirmed a resumption of the primary downtrend and an extension of the bearish price sequence of lower lows and lower highs.
- With TYM2 at 119-15 (-10.5) with focus on key support at 118-02.5, a Fibonacci projection.