Germany 40 CFD
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DAX futures rise overnight ahead of flash CPI data for Europe

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Futures markets for European and US indices are trading higher ahead of today’s open, although the moves are more likely to be repositioning as opposed to a bullish signal for equity markets as a whole.

Flash CPI data remains the key focus for euro traders today. Yesterday we saw that German CPI rose at the state and nationwide level, and Spain’s rose slightly following a contraction last month. Today we have inflation data from Italy ad the Eurozone. With talk of a 75bp hike warranted, any upside surprises today simply cements that view. The HIPC read for Europe is expected to rise by 0.1% m/m (0.1% previously), and to rise 9% y/y (8.9% previously). Core HICP is expected to rise 0.4% m/m (-0.2% previously) and rise 4.1% y/y (4% previously).

Of course, with expectations for a more aggressive hike path comes the calls for a deeper recession. So high inflation data today could end up weighing on already fragile equity markets and further supporting the euro.

The DAX formed a bearish Pinbar on the daily chart yesterday and is trading higher ahead of the cash market open. We can see on the 4-hour chart that prices remain beneath a bearish trendline, with a small bearish hammer marking a swing high before closing back below the weekly pivot point. Given there are several resistance levels overhead – including the weekly/monthly pivot points, 61.8% Fibonacci ratio and 50-bar eMA – today’s bias remains bearish beneath yesterday’s high and for an (eventual) move back towards the lows around 12,700.
トレード終了: 利益確定目標に到達
This turned into a classic swing trade for bears, with prices continuing lower and reaching the 12,700 target in a relatively straight line.

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