Emerging markets traded in a straight line against DXY during 2014-2015 when oil prices collapsed and a deflationary wind blew through global markets.
But during 2017 (circled area on the scatter chart) EM hasn’t cared much about the dollar, and the dollar hasn’t done much in any event. Relative minor fluctuations in the dollar are of little concern to EM equities, although an aggressive tightening by the Fed would be a problem. If the Fed remains within predictable parameters, the dollar shouldn’t be a factor for EM at all.