Why the world's riskiest assets suddenly seem a whole lot more appealing

Emerging markets look to be in a sweet spot.

Developing-nation assets roared back Friday after Federal Reserve Chairman Jerome Powell said policymakers are “listening carefully” to markets, denting the dollar and boosting the allure of riskier investments. Leading the charge among currencies was the Turkish lira, one of last year’s biggest losers. It posted its best one-day gain against the greenback since October and every major emerging-market currencies advanced. The global economic outlook also received a boost from a better-than-expected US jobs report.

While a one-day rally may well be just that, bulls say developing-nations assets are close to a pivot point.