MacroBusiness Access Subscriber Only Content See the latest Australian dollar analysis here: Forex was anything but boring last night with China moving to rescue stocks, the Fed delivering outright confusion and markets moving to price more deflation. DXY was hit as the Fed moved more hawkish in its statement then more dovish in its press conference. EUR lifted: Yet it was still not enough to do anything much for the Australian dollar: Nor commodities: EM stocks bounced with the appearance of China’s Plunge Protection Team: But EM junk is telling a different story. This is all about Chinese tightening and, in particular, Evergrande. Be warned!