One of the pitfalls of forex blogging (or all financial reporting for that matter) is that it’s inherently after-the fact. In other words, any information about the past – while relevant – is inherently useless, since it has theoretically already been priced into the asset (or currency in this case). Before I begin my post on the Pound’s recent decline and the factors that wrought it, then, I wanted to offer the caveat that in analyzing past events, we must simultaneously look to the future.

Small Caps and Tech continued their good form. Technicals continue to support the move higher for Small Caps (Russell 2000) with new highs for the MACD and +DI line. The Russell 2000 would have to give up 25 points (or 4%) just to test breakout support at 650.

The prior underperformance of the semiconductors was undone with today's 2% gain.

Currency trading with the Swiss franc

The Swiss National Bank appears to be intervening -- albeit it on a very small level -- in forex trading again. The SNB has been intervening on occasion since last year, when it announced a policy meant to keep the franc lower against the euro in forex trading.

March 9, 2010
Dollar Finishes Higher despite Strength in Equity Markets
The U.S. Dollar finished higher on Tuesday against most major currencies in another round of light trading. Traders opened the New York session averse to risk, but shifted this

sentiment a few times during the day session. The Dollar bent at times, but never broke.
Firmer U.S. equity markets triggered renewed demand for risk at the mid-session.

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