Watching HKD strength vs. broader EM picture

It's interesting to see $HKD firm up again today, trading around 1.67, even as the broader $USDX pushed slightly higher. This resilience in HKD, especially against a backdrop of ongoing concerns in mainland China and the property sector, feels like a bit of an outlier. It makes me wonder if there's a specific capital flow narrative at play, perhaps a haven bid within Asia itself, or simply the carry trade reasserting itself in a low volatility environment.

My watchlist is still heavily skewed towards identifying value in EM ex-China, but this $HKD move has me re-evaluating where capital might be rotating within the region. It's a reminder that not all EM tells the same story, and localized dynamics can sometimes diverge sharply from the overall EM beta.