USDMXN and IDR: A divergence in EM FX moves today.

Interesting to see the $USDMXN pull back slightly today, down to 17.46612 after touching 17.404 earlier, while $IDR is taking a notable hit, down 1.46% and holding closer to its daily high of 29.01. It's a reminder that even within EM, you can't paint everything with the same brush. MXN's relative resilience today against a broadly stronger dollar environment, versus IDR's weakness, suggests some specific local factors at play beyond the general hawkish Fed narrative. I'm keeping an eye on the inflation prints coming out of some of these regions next week to see if there's any policy divergence brewing that could explain some of these intraday moves. Makes me rethink how much beta some of these EM currencies actually have to broader dollar strength narratives.