Eurozone CPI Soars AgainEuropean asset prices have come under fresh selling pressure today in response to the latest eurozone economic data. Headline August CPI was seen hitting a fresh record-high of 9.1% when compared with the same month a year earlier. This marks an increase from the prior month’s 8.9% reading and surpasses analyst forecasts for a 9% reading. Core CPI was similarly strong at 4.3%, up from 4% a month prior, again topping forecasts for a 4.1% reading. This latest data underpins just how entrenched the inflationary uptick has become in the eurozone, putting greater pressure on the ECB ahead of the upcoming September rates meeting next week.Looking at the breakdown of the data, energy and food costs remain the biggest drivers of upside, rising 38.3% a d 10.6% respectively. The ECB has recently changed its tone, focusing much more on inflation as a persistent threat rather than a temporary factor. This was reflected in the ECB’s decision to hike rates by .5% in July. Traders are now bracing for a potentially even larger hike next week when the central bank meets.Technical ViewsDAXFollowing the rejection at the latest test of the bearish trend line from YTD highs, the market has turned sharply lower with price now once again trading below the 13067.45 level. With both MACD and RSI bearish, while price holds below here focus is on a test of the YTD lows at 12462.59, a break of which opens the way for a much deeper move towards 11590.13 thereafter.