After Friday’s well-below-forecast US jobs report raised worries about the country’s growth — and sent the dollar and Wall Street tumbling — Yellen said that while the figures were “concerning” she was still upbeat about the outlook.

In her closely watched speech she urged markets not to “attach too much significance to any single monthly report”, adding that the overall jobs market was “quite positive”.

She gave no indication when the central bank would again raise interest rates but said any move would be gradual.

Friday’s news that the US economy in May created less than a quarter of the jobs expected eroded expectations for a rate rise in June or July — as had been strongly hinted by the Fed — and caught traders off guard.

But Yellen’s comments helped steady nerves in New York, where all three main indexes ended sharply higher, while the dollar managed to staunch a sell-off after Friday’s two percent fall against the yen and euro.

In Asia Tuesday Japan’s Nikkei ended up 0.6 percent, while Sydney added 0.2 percent and Seoul was 1.3 percent higher. Hong Kong surged 1.4 percent.

Singapore put on 0.8 percent, and Manila 1.5 percent. In the first few minutes of European trade London climbed 0.4 percent, Frankfurt added 0.7 percent and Paris gained 0.5 percent.

– Oil holds gains –
“Spooked by Friday’s jobs report, the market became uncertain whether we’d have even one rate hike this year,” Toshihiko Matsuno, chief strategist at SMBC Friend Securities, told Bloomberg News.

“That kind of risk-off reaction was exaggerated.”

The dollar was at 107.70 yen Tuesday, compared with 107.57 yen in New York and well up from the low of 106.38 yen hit after the initial data release.

The dollar’s relative weakness helped support oil prices, with both main contracts sitting slightly higher, near one-year highs around the $50 mark.

Adding to the commodity’s gains were comments from key producer Abu Dhabi that the global glut, which has been a millstone since mid-2014, was shrinking. Unrest in Nigeria was also hitting exports from the country.

The British pound climbed to $1.4520 from $1.4439 a day after tanking on the publication of two opinion polls suggesting more people were in favour of leaving the European Union, just weeks ahead of a referendum on June 23.

There is widespread expectation that a break from the 28-country union would spur significant market turmoil and slow or stall the British economy.

In other foreign exchange trade, Australia’s dollar was up 1.2 percent against the greenback, given extra impetus by the central bank’s decision to delay cutting interest rates. It also gave little indication of any such move down the line.

The Reserve Bank of India also held steady on rates, as expected, citing inflationary fears. The bank in April cut rates to their lowest level in five years.

– Key figures at 0800 GMT –
Tokyo – Nikkei 225: UP 0.6 percent at 16,675.45 (close)

Shanghai – Composite: UP 0.1 percent at 2,936.04 (close)

Hong Kong – Hang Seng: UP 1.4 percent at 21,328.24 (close)

London – FTSE 100: UP 0.4 percent at 6,297.27

Euro/dollar: UP at $1.1361 from $1.1355 late Monday

Dollar/yen: UP at 107.70 yen from 107.57 yen

Pound/dollar: UP at $1.4520 from $1.4439

New York – Dow: UP 0.6 percent at 17,920.33 (close)