This is already becoming a pattern – the US dollar makes serious gains in the late hours of the forex trading week – late Friday afternoon. The excellent Existing Home Sales supported the dollar’s rising this week. Let’s examine the pattern. The dollar was losing today to many currencies. Regarding the EUR/USD, the Euro had good reasons to rise: the excellent Purchasing Managers’ Indexes from Germany and France reinforced the notion of recovery in the old continent, despite the fact the whole Euro zone still isn’t growing. EUR/USD rose from 1.42 in the early morning to to 1.4350 at the peak. Also the GBP/USD, AUD/USD and other currency pairs traded against the US dollar. This trend began changing before the release of the excellent Existing Home Sales release, as early as 12:30 GMT, and strengthened after the release. As written here in the past, American Housing is off the bottom. American Existing Home Sales were published at 14:00 GMT and printed 5.24 million sales, much better than 5.03 that was expected, and far better than 4.89 million that was recorded last month. EUR/USD fell down, erasing many of its gains. So did GBP/USD. Was it the effect of the economic indicator? Maybe so. But maybe, there’s a pattern? Looking back at previous weeks, this late dollar strength happened over and over again. Friday effect at its best. At the time of writing, the forex markets are still open, and this trend can be reversed yet again. The conference in Jackson Hole is taking place right now, and a speech by Ben Bernanke and other speakers can move the markets back and forth. Also the stock markets that have a serious impact on forex trading, are still in action. Still, this pattern of dollar strength in the last hours of the week is interesting and might provide a trading opportunity next week. I’d love to hear your opinions about this phenomenon. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Other Forex Stuff share Read Next Forex Reads for the Weekend – August 22 2009 Yohay Elam 13 years This is already becoming a pattern - the US dollar makes serious gains in the late hours of the forex trading week - late Friday afternoon. The excellent Existing Home Sales supported the dollar's rising this week. Let's examine the pattern. The dollar was losing today to many currencies. Regarding the EUR/USD, the Euro had good reasons to rise: the excellent Purchasing Managers' Indexes from Germany and France reinforced the notion of recovery in the old continent, despite the fact the whole Euro zone still isn't growing. EUR/USD rose from 1.42 in the early morning to to 1.4350 at the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.