Aust dollar slips in early trade

Local currency weakens as upbeat retail sales figures boost US dollar.

The Australian dollar is lower after solid United States retail sales figures boosted the American currency.

At 0630 AEST, the local unit was trading at 91.14 US cents, down from 91.38 cents on Tuesday.

The US dollar was higher against all major currencies after the market learned that US retail sales grew for the fourth consecutive month.

Signs of economic recovery in the US have renewed expectations that the US Federal Reserve will begin tapering its stimulus program sooner rather than later.