“We’re making progress in the labor market,” said Michael Gapen, an economist at Barclays, in a Bloomberg report. “We expect a return to a pace of hiring that suggests we’re moving in the right direction. It’s not as fast as policy makers would like, but employment is growing.”
UUP is designed to track the dollar’s movement against a basket of currencies. The ETF could be getting a boost Friday from speculation the better-than-expected November jobs figure will make the Federal Reserve less likely to launch additional stimulus.
Gold futures tumbled by nearly $20 an ounce immediately after the release of the nonfarm payrolls report before bouncing. SPDR Gold Shares (NYSEArca: GLD) was on track for a lower open Friday.
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