Andrew Resnick

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  Published on: 9/15/2008    Last Visited: 9/15/2008  

  "We're in unchartered waters, and no one is certain about the impact on the dollar or the financial system," currency trader Andrew Resnick told BloggingStocks earlier Monday."The logical, rational view is that the dollar will fall based on the expectation of increased government spending and borrowing to deal with the widening financial crisis.But a major dollar fall may not occur if the markets judge the worst is over.That's why a lot of traders are flat now."Resnick added that he was flat, or had no open currency trading positions.

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  cy.bloggingstocks.com/category/bad-news/ - [Cached Version]
  Last Visited: 10/14/2008  

  Currency Trader Andrew Resnick told BloggingStocks Monday, currency, credit and stock markets in Europe all indicate the financial crisis will impact many of the economies in the euro zone.
  
  "Germany's decision to guarantee all private German bank accounts kind of spooked the currency market, and drove the euro and pound lower.It's a good, defensive action, but it prompted people to ask 'how deep is the problem in Europe?'" Resnick said.

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  Published on: 7/14/2008    Last Visited: 7/15/2008  

  Currency trader Andrew Resnick told BloggingStocks Tuesday the equation is a basic one: with more dollars in supply, each dollar is worth less.
  
  "The Fannie Mae and Freddie Mac assistance packages will require more federal spending or federal support though guarantees.That action, plus FDIC takeover of problem banks means more federal outlays, which weakens the value of the dollar," Resnick said.

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  goog.bloggingstocks.com/bloggers/joseph-lazzaro/ - [Cached Version]
  Last Visited: 9/29/2008  

  Currency trader Andrew Resnick said the House Republicans' plan was deficient from a number of standpoints.
  
  "Is this the way a responsible coalition behaves?You say nothing all day, then in the dead of night present a questionable plan via back-channels?Frankly, it's reckless and bizarre," Resnick said."The House Republicans are playing with fire.Here we are trying to prevent a financial crisis from turning into a catastrophe and one political camp wants to play partisan politics.It's the height or depth of public irresponsibility."
  
  Resnick said credit markets, already stressed by a series of financial institution and bank failures, as well as forced margin calls, could degenerate further.
  
  "I'll tell you right now this whole [expletive] system could come crashing down if banks continue to hoard funds and a series of cascading sales starts to occur," Resnick said."The House Republican plan also isn't credible.Few expect it to provide the liquidity necessary to keep the financial system functioning, and their tax cut proposal is just nuts.They want to increase the federal budget deficit more?With the dollar weak and after eight years of deficits?"Resnick added that he was presently flat, or had no open currency trading positions.
  
  Continue reading Bailout plan disagreement: Republicans' tactic called 'reckless, bizarre'
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  True, the dollar was holding its own Thursday at mid-day against the world's other major currencies, and the Dow was up about 250 points to 11,077 in what some called a 'euphoria rally,' but caution remains the order of the day, regarding the dollar, so says currency trader Andrew Resnick.
  
  "There are still too many unknowns regarding the bailout bill to make an informed conclusion regarding the dollar's prospects at this juncture, so the best stance is standing aside," Resnick said.He added that he was presently flat, or had no open currency trading positions.
  
  For the record, the dollar was slightly higher, up about one-half cent to $1.8401 versus the British pound, but down a quarter-cent to $1.4645 versus the euro.The greenback was also up about one-half yen to 106.56 versus Japan's yen.
  
  The above moves are "statistically insignificant," given the basket of fiscal, monetary, financial sector, and economic unknowns relating to the United States economy, Resnick said.
  
  "We won't know the dollar's fate until we know how much money the U.S. Treasury will spend, in what increments, its primary method of funding, what assets it will buy and at what prices, and how much money the [U.S.] government will have left to deal with other issues," Resnick said.

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  bsc.bloggingstocks.com/bloggers/joseph-lazzaro/ - [Cached Version]
  Last Visited: 4/22/2008  

  Independent currency trader Andrew Resnick told BloggingStocks Tuesday that traders responded to the ECB's announcement by doing what you'd expect: they bought the euro.
  
  "The only thing holding back the euro was the possibility the ECB would cut rates.The fundamentals have been in the euro's favor for several years.The market had priced-in a possible rate cut by the ECB, but when ECB comments came in today the market quickly bid up the euro," Resnick said.He added that he is presently long with the euro against the dollar.

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  pgr.bloggingstocks.com/tag/dollar/ - [Cached Version]
  Last Visited: 9/4/2008  

  Further, although Tuesday's dollar catalyst was the realization that Hurricane Gustav would cause considerably less-than-forecast damage to Southeast U.S. oil production and the refinery infrastructure, trader Andrew Resnick told BloggingStocks the longer-term focus remains regional GDP growth.
  
  "With Hurricane Gustav out of the way, sentiment's building that this dollar rally has legs.European growth has slowed to recession levels, and China's economy has slowed as well.For Europe, lower interest rates are likely to follow, and that's dollar bullish," Resnick said.Resnick added that he expects the Bank of England to cut its benchmark interest rate by a quarter-point to 4.75% when it meets September 4.He doesn't expect the European Central Bank to lower its 4.25% refinance rate on September 4, but that stand-pat policy may change to accommodation, later this fall.
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  Currency trader Andrew Resnick, a dollar skeptic due to the dollar's many false breakouts to the upside, told BloggingStocks Tuesday he'll become a dollar bull if the rally holds through the U.S. Labor Day holiday period.Resncik added that he's presently flat, or has no open currency trading positions.
  
  Continue reading Dollar rally resumes on European recession concerns
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  Currency trader Andrew Resnick told BloggingStocks Thursday sentiment is building in the foreign exchange and other markets that there will be "another, major housing-related write-off by a bank or series of banks in the U.S. or U.K, or possibly Fannie Mae (NYSE: FNM) or Freddie Mac (NYSE: FRE) problems."
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  Currency Trader Andrew Resnick said he's not a dollar bull yet, but the changing global economic landscape has moved him from the dollar-bear category to "the dollar-skeptic category."
  
  "Clearly, fundamentals are shifting in favor of the dollar.Global growth is slowing, taking pressure off commodity prices.Export gains are lowering the U.S. trade deficit, and there's now a better than 60% chance Europe [including the U.K.] will have to cut interest rates," Resnick said."Those are the best fundamentals for the dollar in about three years."Resnick added that he's presently flat, or had no open currency trading positions.
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  Further, although the Bank of England underscored the need for monetary policy vigilance to control inflation, currency traders interpreted the bank's GDP comments as a sign that an interest rate cut is likely from England's central bank, currency trader Andrew Resnick said.
  
  Continue reading British pound falls to two year low vs. dollar after BOE cuts growth forecast
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  But don't try to put those words into the mouth of currency trader Andrew Resnick.No sir.Dollar what?Resnick remains the skeptic of skeptics.
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  What has caused the sudden turn of events in the currency market? (We don't want to use more-positive adjectives just yet.) Not the health of the U.S. economy, according to Resnick.
  
  Continue reading Suddenly, everyone is buying the dollar

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  pgr.bloggingstocks.com/tag/euro/ - [Cached Version]
  Last Visited: 9/4/2008  

  Further, although Tuesday's dollar catalyst was the realization that Hurricane Gustav would cause considerably less-than-forecast damage to Southeast U.S. oil production and the refinery infrastructure, trader Andrew Resnick told BloggingStocks the longer-term focus remains regional GDP growth.
  
  "With Hurricane Gustav out of the way, sentiment's building that this dollar rally has legs.European growth has slowed to recession levels, and China's economy has slowed as well.For Europe, lower interest rates are likely to follow, and that's dollar bullish," Resnick said.Resnick added that he expects the Bank of England to cut its benchmark interest rate by a quarter-point to 4.75% when it meets September 4.He doesn't expect the European Central Bank to lower its 4.25% refinance rate on September 4, but that stand-pat policy may change to accommodation, later this fall.
  ...
  Currency trader Andrew Resnick, a dollar skeptic due to the dollar's many false breakouts to the upside, told BloggingStocks Tuesday he'll become a dollar bull if the rally holds through the U.S. Labor Day holiday period.Resncik added that he's presently flat, or has no open currency trading positions.
  
  Continue reading Dollar rally resumes on European recession concerns
  ...
  Currency trader Andrew Resnick told BloggingStocks Thursday sentiment is building in the foreign exchange and other markets that there will be "another, major housing-related write-off by a bank or series of banks in the U.S. or U.K, or possibly Fannie Mae (NYSE: FNM) or Freddie Mac (NYSE: FRE) problems."
  ...
  Currency Trader Andrew Resnick said he's not a dollar bull yet, but the changing global economic landscape has moved him from the dollar-bear category to "the dollar-skeptic category."
  
  "Clearly, fundamentals are shifting in favor of the dollar.Global growth is slowing, taking pressure off commodity prices.Export gains are lowering the U.S. trade deficit, and there's now a better than 60% chance Europe [including the U.K.] will have to cut interest rates," Resnick said."Those are the best fundamentals for the dollar in about three years."Resnick added that he's presently flat, or had no open currency trading positions.
  ...
  But don't try to put those words into the mouth of currency trader Andrew Resnick.No sir.Dollar what?Resnick remains the skeptic of skeptics.
  ...
  What has caused the sudden turn of events in the currency market? (We don't want to use more-positive adjectives just yet.) Not the health of the U.S. economy, according to Resnick.
  
  Continue reading Suddenly, everyone is buying the dollar
  ...
  Currency trader Andrew Resnick told BloggingStocks Tuesday the equation is a basic one: with more dollars in supply, each dollar is worth less.
  
  "The Fannie Mae and Freddie Mac assistance packages will require more federal spending or federal support though guarantees.That action, plus FDIC takeover of problem banks means more federal outlays, which weakens the value of the dollar," Resnick said.

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  ewbc.bloggingstocks.com/bloggers/joseph-lazzaro/ - [Cached Version]
  Last Visited: 8/15/2008  

  Currency Trader Andrew Resnick said he's not a dollar bull yet, but the changing global economic landscape has moved him from the dollar-bear category to "the dollar-skeptic category."
  
  "Clearly, fundamentals are shifting in favor of the dollar.Global growth is slowing, taking pressure off commodity prices.Export gains are lowering the U.S. trade deficit, and there's now a better than 60% chance Europe [including the U.K.] will have to cut interest rates," Resnick said."Those are the best fundamentals for the dollar in about three years."Resnick added that he's presently flat, or had no open currency trading positions.
  ...
  Further, although the Bank of England underscored the need for monetary policy vigilance to control inflation, currency traders interpreted the bank's GDP comments as a sign that an interest rate cut is likely from England's central bank, currency trader Andrew Resnick said.
  
  Continue reading British pound falls to two year low vs. dollar after BOE cuts growth forecast

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  via.bloggingstocks.com/bloggers/joseph-lazzaro/ - [Cached Version]
  Last Visited: 10/25/2008  

  Currency Trader Andrew Resnick told BloggingStocks Friday, this morning's flight-to-safety is not solely due to economic fundamentals, which suggest slowing growth in the world's major economies, but also hedge fund / investment fund de-leveraging and closing out of losing stock positions.
  
  "We're seeing many things happen at once, and that's producing these enormous moves. First, the carry trade [where traders borrow yen and invest it elsewhere] is unwinding. Leverage for investing purposes is declining as a trading strategy," Resnick said. "Second, major players are raising cash to cover redemptions, which is also causing stock markets globally to plunge."
  
  "Third, we're seeing a re-pricing of risk to the higher, which is forcing some funds to raise even more cash, boosting the dollar," Resnick said.

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  nyt.bloggingstocks.com/bloggers/joseph-lazzaro/ - [Cached Version]
  Last Visited: 10/10/2008  

  Currency Trader Andrew Resnick told BloggingStocks Tuesday overnight interest rates remain at elevated levels mainly due to fear.
  
  "The biggest problem, clearly, is the lack of confidence.There are distressed and bad bonds out there, but it should not be affecting the financial system this much.The reason it has is fear.No one knows who owns what bonds, and no one trusts anyone," Resnick said."This is the worst condition I've seen in the credit markets in my 20 years of trading."Resnick added that he was presently flat, or had no open currency trading positions.
  
  Resnick said central banks may have to guarantee the assets of creditors to banks and/or provide insurance (credit default swaps) to purchasers of corporate commercial paper to lower overnight interest rates and increase the flow of credit.Or central banks may have to "undertake a large investment in banks to recapitalize them," he said.

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