Yes, that may be a long-term pattern, unless their is a fear of inflation, or a slowdown in the economy. For example, if investors have fear that the rise in interest rates could actually lead to an economic slow-down, the currency can decrease in value in the short-term. As you know, rising interest rates are recessionary in theory (and slow the increase in M2 in many cases). If traders have fear that they rise in interest rates will cause the economy to slow, and are concerned that a central bank may respond to the slowdown by issuing more currency in the future, they may become short-term sellers of the currency.
Another issue is trading. Look at the stock market today. In order for foreigners to trade they must use US dollars. This increases the demand for dollars. However, if there is fear of a stock market decline, that will decrease the demand for dollars in the short-term, and in the short-term can lead to a falling stock market.