Aust dollar rises in early trade

Local currency posts slight gains as debt ceiling fears weigh on US dollar.

A weaker US dollar has pushed the Australian dollar higher amid growing concerns about the looming US debt ceiling deadline.

At 0630 AEDT, the local unit was trading at 94.34 US cents, up from 94.26 cents on Monday.

The partial shutdown of the US government, prompted by Congress' failure to pass a budget, has entered its second week with no progress towards a resolution over the weekend.

Concern also is growing that the US government will not have enough money to pay its bills if an agreement to raise the debt ceiling is not reached by October 17.

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