Corporate foreign exchange news

The dollar will continue to fall against its major counterparts as global economic recovery picks up pace, JPMorgan's Rebecca Patterson has claimed.Speaking to Bloomberg Radio, Ms Patterson, who is head of foreign exchange at the firm's private banking division, said that investors in the US and overseas are sitting on too many treasury bills."As the world slowly gets better, they are going to want to take advantage of that. They want a better yield than you get in a T-bill and that keeps the dollar under pressure," she explained.The dollar has weakened against 13 of the 16 currencies tracked by Bloomberg, with the greenback losing heavily against high-yield currencies such as the rand, real and Australian and New Zealand dollars.Callum Henderson, global head of currency strategy at Standard Chartered in Singapore, added that there is undoubtedly further downside risk attached to the dollar.Meanwhile, Fibonacci sequencing detailed by Bloomberg has forecast that US treasury bills will have a hard time pushing below one per cent.