* Dollar edges lower as market consolidation continues
* Dollar hit nearly 14-year high on Thursday, has fallen
* OPEC meeting eyed, oil prices slip again
* Trading desks brace for month-end shift after bond
(New throughout, changes dateline, updates to U.S. trading)
By Dion Rabouin
NEW YORK, Nov 29 The dollar fell on Tuesday as
the greenback consolidated its position against most major
currencies following a roller-coaster 24 hours which traders say
may just be a precursor to three weeks of risk-packed events
including the Federal Reserve's December policy meeting.
After rising across the board and gaining more than 1.2
percent against the safe-haven Japanese yen following the
release of stronger-than-expected U.S. third-quarter gross
domestic product numbers, the dollar retraced much of its gains
on the day.
Even a reading on U.S. consumer confidence that showed the
index at its highest level since July 2007 did not dissuade
investors from selling the greenback as North American trading
picked up steam.
"Some people do trade off of headlines, but why should we
react to what happened in the period ending in September when
instead we're looking forward to what will happen next month?"
said Marc Chandler, chief global currency strategist at Brown
Brothers Harriman & Co. "The markets are anticipatory in
The dollar index, which tracks the greenback against a
basket of six major rivals, scaled to a nearly 14-year peak of
102.050 on Thursday before profit-taking and oil price
jitters brought it back down to earth. It has continued to move
lower this week, but has remained in a tight range.
It was last down 0.15 percent to 101.160.
The dollar was last up 0.8 percent against the yen at 112.82
yen. The euro was flat against the dollar at
The modest pullback in the dollar's upward trajectory seemed
more a consolidation than a correction, Chandler said, and
reflected the underlying trend in markets that are still
expecting substantial fiscal stimulus from the administration of
U.S. President-elect Donald Trump and interest rate increases
from the Federal Reserve.
Additionally, Wednesday's meeting of the Organization of the
Petroleum Exporting Countries and Sunday's referendum in Italy
"We had a big move up in the dollar, the dollar was
overextended and we've been consolidating and correcting at the
end of last week and yesterday," Chandler said. "I think we
continue to do so today."
Sterling's move higher against the dollar was also backed by
UK data that showed lending to Britons expanded last month at
the fastest annual pace in 11 years, while mortgage approvals
were stronger than expected, bolstering the picture of resilient
consumer demand after June's Brexit vote.
The pound rose 0.75 percent against the dollar to
(Reporting by Dion Rabouin; Editing by Andrea Ricci)