Interpretation of DXY

Hello,

DXY seemed to have topped off already and I am wondering how can I interpret DXY and how to think about it

For example, Did drop in DXY contribute to rise in Emerging Market stocks? As in, dollar is expensive so investors were like 'well, I have a lot of dollars, maybe it's worth to invest in assets in foreign currencies like Chinese or Indian equities'?

I'm trying to understand if drop in DXY contributed to rise in EM stocks and indices i.e. Hang Seng or it's a coincidence instead of causation

Thanks,