Thoughts on DAX divergence and the broader Euro market sentiment

Anyone else seeing a growing disconnect between the DAX's recent strength and some of the underlying economic data coming out of the Eurozone? It feels like optimism is running a bit too hot, especially with $AUD trading relatively flat today at $0.0936 after a wider range. Maybe I'm just too bearish, but I'd be interested to hear if others are noticing the same or if I'm missing something crucial.