A vendor sells Turkish national flags in Eminonu Square on the European side of Istanbul on January 4, 2018.

Economic turmoil in emerging markets is creating new opportunities for investors, a fixed income expert told CNBC Thursday.

A spat between the U.S. and Turkey and some surprising moves by the Turkish central bank has led to a sharp sell-off in the Turkish lira this summer. Other emerging economies have also suffered with a strengthening U.S. dollar causing havoc for heavily-indebted nations. More recently, a surprise call for help from Argentina to the International Monetary Fund added to further outflows.

The dollar has surged against the Turkish lira and the Argentinian peso this year, up about 57 and 47 percent respectively.

"Looking at EM (emerging markets) generally it's actually getting back to more fair levels if you want to start buying again," Bryn Jones, head of fixed income at investment firm Rathbones, told CNBC's "Squawk Box Europe."

The concerns over emerging markets have been exacerbated given the context of the U.S. economy. The U.S. Federal Reserve is on a path to increase interest rates, the dollar keeps on rising, and growing trade tensions between the U.S. and the China spell problems for these economies.

But Jones is confident that all this trouble has created opportunities when trading currencies.

"There are opportunities building in EM … At the moment, the main way we would look to play it would be through hard currency so through the dollar index, where you perhaps can get around 7 percent average yield," he said.

Jones explained that the best way to play it via the dollar is by investing in third-party funds, including short-term bonds, that are denominated in dollars and could offer yields of about 8 percent.

Nonetheless, Jones warned that choosing emerging markets at this point should be done "with caution. You're dipping the toe back in and not just piling in."

Earlier last week, another analyst told CNBC's "Street Signs" that it's perhaps "too early" to choose emerging markets again.

"It is still a cautious and nervous risk environment and I think the next couple of weeks, especially when it comes to U.S. trade and foreign policy, there are still a couple of hurdles that we still have to get through. Not just China, but you have Russia sanctions as well," Viraj Patel, foreign exchange strategist at ING, said Tuesday.

There are fears that the United States will slap new trade tariffs on China, which could represent further problems for emerging markets. Generally speaking a slowdown in the Chinese economy could spread to other smaller economies.

"I think at least in the short term it is too early to jump back in EM (emerging markets)," Patel added.