Don't forget the Fed
Although markets have scaled back expectations for the timing of a rise in U.S. interest rates from June to later this year, the prospect of monetary tightening in the world's biggest economy remain a key risk for emerging markets, analysts said.
In a note on Friday, Mark Mobius, an emerging markets fund manager at Franklin Templeton Investments, said it seemed likely that the Federal Reserve was in no rush to raise rates.
"Nonetheless, the markets will likely react when the Fed does act, so we are remaining cautious, and planning for some volatility ahead," he wrote.
In fact, until the outlook for U.S. rates becomes clearer, markets generally will be in for greater volatility, said Joe Zidle, portfolio strategist at Richard Bernstein Advisors.
"We'll have volatility until we get stronger-than-expected data that tells people the Fed is going to hike more quickly or weaker data that suggests the Fed will be hold," he told CNBC.
Jackson at Capital Economics said Turkey and South Africa were two emerging markets to watch most closely in terms of further volatility.
Turkish assets have faced additional pressure from uncertainty ahead of a weekend election that could force the ruling AK party to form a coalition. The Turkish lira traded at about 2.66 per dollar on Friday, holding near one-month lows.
"On every single measure of vulnerability you can look at, Turkey usually comes near the top," said Jackson.