Aust dollar slips in early trade

The Australian dollar is half a US cent lower after Wall Street stocks lost ground ahead of the US Federal Reserve meeting later in the week.

At 0630 AEST, the local unit was trading at 92 US cents, down from 92.45 cents on Monday.

In earlier trade, the currency dipped below the 92 US cents mark, hitting 91.96 US cents at 0404 AEST.

The Fed ends its two-day policy meeting early on Thursday morning, Australian time, and is expected to make an announcement on the winding down of its $85 billion-a-month economic stimulus plan.