MSCI EM and DXYDollar and EM markets.
A non Brainer with 1:1 correlation.
The DXY (black line) is inverted to show the coorelation with EM.
Strenthening Dollar means weaker EM and vice versa.
Soince with rate ris eback inti the limelight, the DXY should rally an dEM would be under pressure. The weakness of Chines Equity markets which makes up 31% of MSCI EM would also be a factor.