Dollar pulls back in bout of consolidation

The dollar edged lower Tuesday as investors trimmed bullish bets on the buck and locked in profits following a four-week rally by the currency.

The ICE U.S. dollar index DXY, -0.08% a measure of the dollar’s strength against a basket of six rival currencies, was down 0.3% at 99.5360.

The buck was little affected by news that Turkey shot down a Russian jet fighter that Turkish officials said intruded on the country’s airspace and refused to heed repeated warnings. That contrasted with European stocks, which sold off on the news. The Stoxx Europe 600 SXXP, -1.24% ended the session 1.2% lower to 375.63.

“After a big move in the dollar since the middle of October, we’re generally consolidating,” said Marc Chandler, chief G-10 currency strategist at Brown Brothers Harriman.

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