Snapshot: The DAX is trading at 24328, up 1.31% on the session, buoyed by the continued moderation in Eurozone HICP, which printed at 2% YoY, down from 2.1% previously. All eyes now turn to ECB President Lagarde’s speech at 14:30 CET.
- A break above today’s high of 24385 would open the door to further gains.
- Rising DXY (currently 98.26) could temper bullish enthusiasm, especially if US yields start to meaningfully rebound.
Bias into NY: The DAX is likely to consolidate gains in the near term. We expect further upside toward 24500 if Lagarde’s commentary is perceived as dovish, despite the slight uptick in German Bund yields.