Contained or contagion: How to play Ukraine

Are markets being complacent about Ukraine?

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.

(Read more: Wall Street sets bar low for Friday's payrolls report)

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.

People hold placards and Ukrainian flags during a rally in front of the White House in Washington.
Basri Sahin | Anadolu Agency | Getty Images

(Read more: Crimea votes to join Russia, Obama orders sanctions)

David Keeble, head of fixed-income strategy at Credit Agricole said a peaceful resolution to the crisis in Ukraine was not fully factored into financial markets.

Crimea's parliament on Thursday voted to join Russia, with its Moscow-backed government setting a referendum in 10 days – a move European Union leaders have said would violate international law.

Crimea, which is mostly populated by ethnic Russians, has been at the center of tensions between Ukraine and Russia since the ousting of Ukraine's pro-Russian president last month after street protests that culminated in bloodshed.

"The next big news and I don't think it will be the vote in Crimea, is if there is bloodshed in Crimea or disruption of gas supplies," Keeble said. "I still think there are still five-to-eight basis points of Ukraine-related risk to be priced into Treasury yields."

(Read more: Every oligarch for himself: Crazy days in Ukraine)

The benchmark 10-year U.S. Treasury yield was trading at 2.74 percent on Friday in Asia, that's 15 basis points above a one-month low hit on Monday when Ukraine fears gripped global markets.

Laura Fitzsimmons, vice president of futures and options at JPMorgan Investment Bank in Sydney, told CNBC she believed the crisis in Ukraine would be contained.

"Markets are always quite surprising in the way that they can so quickly move on and risk can return. Certainly in this environment, the last few years have shown that," she said. "At the same time, we here at JP Morgan view the risks from Ukraine as quite contained in terms of global markets, trade."

— By CNBC.Com's Dhara Ranasinghe; Follow her on Twitter @DharaCNBC

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