Aust dollar falls slightly

Local currency dips in early trade, remains strong after Summers bowed out.

The Australian dollar remains above 93 US cents thanks to easing tensions in Syria and Larry Summers' withdrawal from consideration as the next United States Federal Reserve chairman.

At 0630 AEST, the local unit was trading at 93.19 US cents, down from 93.35 yesterday.

The Australian dollar, along with all major currencies, has traded higher against the American dollar after Mr Summers, who was seen as hawkish, pulled out of the race for Ben Bernanke's job.

The American dollar is also weaker after the US and Russia reached a deal on Syria over the weekend, which saw the US dollar lose its safe-haven bid.