While emerging world central banks have been taking aim at the meltdown in currencies—most notably Turkey's near 5 percent rate hike this week—the International Monetary Fund on Friday issued a warning they must stay vigilant.
"Several emerging countries have responded forcefully in recent days," the IMF said. "While many countries also have solid fundamentals with high reserves, fiscal space and inflation under control, the turbulence highlights the need for coherent macroeconomic and financial policies, good communication and, in some cases, the need for urgent policy action to improve fundamentals and policy credibility."
Europe was the center of activity Friday, and the euro slumped amid weaker inflation data. Declines in dollar terms were outsized for the Hungarian florin and Polish zloty, as the euro fell against the dollar. The Russian ruble was down 0.7 percent on the day in midday trading, though the Turkish lira was higher.
"I think people are still spooked," said Marc Chandler, chief currency strategist at Brown Brothers Harriman. "If anything is happening over the weekend, people expect it will be bad. … We're also approaching the debt ceiling."
He watches the differential between German and U.S. 2-year notes, which has been widening. "It's because the U.S. is down four basis points, but Germany is down 13. The wider differential should be good for the dollar, but it's not because of Fed tapering. It's because Europe has low inflation and they're worried the ECB will do something next week."
(Read more: What the EM selloff means for European stocks)
Chandler said he doesn't expect action from the ECB at its Thursday meeting, unless "you think doing something is talking dovishly."
A flurry of central bank meetings have the market's focus for next week, including the Reserve Bank of Australia, the Bank of England and the European Central Bank. The Hungarian central bank and the Czech National Bank also have meetings.
Dan Katzive, head of foreign exchange strategy for North America at BNP Paribas, said Eastern European currencies, under pressure Friday, were playing catch up to moves elsewhere.
—By CNBC's Patti Domm. Follow her on Twitter