US Q1 Bankruptcies up 10% Q/Q

A few minor economic reports have come out over the session. Firstly US Q1 bankruptcy filings rose to their highest level since 2005, up 10% from Q4 2008. The Philadelphia Fed survey of economists said that the US economy should return to growth in H2 2009, but they also expected the unemployment rate to hit 9.9% by December 2009. As I said this is a survey of economists, so you can take what you want from this…. Elsewhere the 3 year bond auction had an impressive bid to cover ratio of 2.82 which has given Bond futures a boost. Eur/Usd is consolidating today’s gains now at 1.4020

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