Market Reacts to Manufacturing and Jobs Data; Oil Prices Struggle to Make a Recovery

• ADP Non-Farm Employment Change showed that the US economy added 253,000 jobs last month versus an expected 181,000; statistics from the US government will confirm this growth when they are released at 8:30 AM EST tomorrow
• US Unemployment Claims worsened to 248,000 versus expectations of 239,000; USD/CAD remains just below the 1.3500 mark after crossing over this morning
• WTI oil prices are showing a slight recovery this morning, however, Brent crude prices remain weak; data from the American Petroleum Institute showed US stockpiles fell by 8.67 million barrels versus an expected 2.517 million barrels
• The US Energy Information Administration will release their iteration of US stockpile data at 11:00 AM EST; the market now shifts its focus to upcoming summer season demand for oil from the US and Middle-East
• The Chinese manufacturing sector contracted for the first time in 11 months after the Caixin Manufacturing purchasing managers index showed a reading below 50; this is indicative of reduced manufacturing activity for the world’s 2nd largest economy
• Data from Europe showed that manufacturing in the euro zone grew at the fastest rate since 2011; UK manufacturing data also showed further signs of growth with a strong reading