Aust dollar slips in early trade

The Australian dollar is lower, backing away from the previous day's highs as traders sell the currency to take profits.

At 0630 AEDT, the local unit was trading at 91.28 US cents, down from 91.86 cents on Tuesday.

During the local session on Tuesday, the currency peaked at 92.05 US cents after Reserve Bank of Australia deputy governor Philip Lowe gave a speech without adding to the bank's recent commentary on the unusually high Australian dollar.

However, once European markets opened the currency failed to hold on to its gains as the market went into profit-taking mode.