The dollar appreciated Friday as the strong November employment report fueled expectations that the Federal Reserve will hike interest rates later this month. Nonfarm payrolls increased a seasonally adjusted 211,000 last month, with the unemployment rate at 5%, after a rising a revised 298,000 in October, reports James Ramage for the Wall Street Journal.

“Overall, it’s positive for the dollar as it cements the case for a December rate hike,” Ian Gordon, currency strategist at Bank of America Merrill Lynch, told the WSJ. “The next leg of dollar move is dependent on the pace of hikes next year. The report will cause people to question the pace of rate hikes in 2016, which is positive for the dollar.”

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Max Chen contributed to this article.