Aust dollar slips in early trade

Local currency posts modest retreat from gains made on RBA rate hold.

The Australian dollar has slipped from the one-week high reached yesterday after the central bank left the cash rate on hold and gave a more upbeat assessment on the local economy.

At 0630 AEST, the local unit was trading at 93.94 US cents, down from 94.20 cents on Tuesday.

On Tuesday evening, the Australian dollar peaked at 94.37 US cents, its highest level since September 23.

The Reserve Bank of Australia governor Glenn Stevens said cash rate cuts since late-2011 had supported interest-sensitive parts of the economy.

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