The positive sentiment in the US seems to have stalled a little overnight. Despite positive trade figures and a slight increase in the Q2 GDP estimate, the US dollar lost ground. Phil Dobbie asks NAB’s Tapas Strickland whether the lack of specific detail on yesterday’s tax plan is the main area of concern. They also look at what’s keeping Europe happy today, what’s been keeping the Aussie dollar down and what was said at the Bank of England conference yesterday. Plus a look ahead to tonight’s US PCE deflators – are we nearing an end to the ‘mystery’ low inflation?