DAXEUR

The DAX index is following a positive trend supported by a ceasefire agreement that boosts global risk appetite and expectations that a weakening economy in the U.S. will force the Fed to cut interest rates. The index is trading above the pivot level of 23666.08. Although weak growth data from the U.S. raises concerns about a global slowdown, the markets are currently pricing this as a more accommodative monetary policy. Tomorrow's PCE data will be the most important data to shape these expectations. A sign that inflation is under control could drive the DAX towards a new rally at the resistance level of 23917.68.