Fed's rate commentary and its potential impact on EM currencies

Been following the Fed commentary pretty closely the last few days, especially the subtle shifts in tone around future rate hikes. While they're still talking data-dependent, there's a growing sense that the market might be getting ahead of itself in pricing in cuts too soon. This makes me wonder about the implications for emerging market currencies.

Specifically, looking at something like $USDMXN, currently around 17.30894. If the market's 'higher for longer' narrative for US rates strengthens, does that put renewed pressure on the peso, or is its recent resilience tied more to domestic factors and oil prices? Trying to figure out if there's a potential short-term long USD trade forming if the rate differential widens more than expected again. Keeping an eye on any significant moves from its current range of 17.297–17.333.