Aust dollar slips in early trade

Local currency retreats slightly but remains near four-month high.

The Australian dollar has lost some ground after a report showed that the recovery in the United States housing market could be stalling.

At 0630 AEDT, the local unit was trading at 96.56 US cents, down from 96.73 cents on Monday.

US home sales fell 1.9 per cent in September after hitting a nearly four-year high in August, the National Association of Realtors said.