Aust dollar slips in early trade

Local currency loses ground as investors digest Yellen testimony.

The Australian dollar is lower after Federal Reserve chair nominee Janet Yellen said the central bank would do whatever it could to strengthen the United States economy.

At 0630 AEDT, the local unit was trading at 93.15 US cents, down from 93.52 cents on Thursday.

Ms Yellen told the US Senate Banking Committee, which is considering her nomination, that while he US economic stimulus program "cannot continue forever" Fed policymakers had "the will and commitment" to strengthen growth and the jobs market.

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