Global markets, which started the week gripped by fears over Ukraine, look likely to end it on a calmer note. And while tensions in Ukraine have ebbed, it's not time to put the crisis behind, analysts say.
"There's a remarkable amount of complacency," Jeffrey Halley, a senior manager for currency trading at Saxo Capital Markets told CNBC Asia's "Squawk Box" on Friday.
"The crisis seemed to end overnight and the next thing we're seeing fresh highs in stock markets around the world and emerging market currencies rallying left, right and center and I'm actually quite surprised," he added.
The S&P 500, a broad measure of U.S. stocks, hit a record high on Thursday after data showing jobless claims hit a three-month low boosted sentiment ahead of Friday's key non-farm payrolls report.
Safe-havens such as gold and U.S. Treasurys meanwhile have given up some of the gains made after tensions between the West and Russia over Ukraine flared up at the start of the week as comments from Russia's President Vladimir Putin quelled fears of an imminent conflict in Ukraine.
Late Thursday, the White House was reported saying that U.S. President Barack Obama held an hour-long call with Russia's President Valdimir Putin regarding the future of Ukraine.