EM equities catching a bid, but NZDCAD divergence concerns me

It's interesting to see $EEM making a decent move today, up 0.79% and touching highs of 65.06, especially after a few choppy sessions. This feels like a rotation play, maybe some capital flowing out of the overextended tech names in developed markets and into EM as the dollar eases a bit. My concern, though, is the $NZDCAD which is also showing strength at 0.82454, pushing its daily highs. On the surface, both seem risk-on, but New Zealand's inflation print was hotter than expected last night, which could lead to a more hawkish tilt from the RBNZ. This might make carry attractive in NZD, potentially siphoning some capital that could otherwise be allocated to higher-beta EM plays. I'm watching to see if this is a temporary disconnect or if the demand for higher rates in some developed/proxy-DM currencies starts to create a headwind for the broader EM equity story.