Aust dollar slips in early trade

Local currency falls as negotiations over US debt ceiling continue to drag on.

The Australian dollar is lower after talks to extend the United States debt ceiling collapsed.

At 0630 AEDT, the local unit was trading at 94.23 US cents, down from 94.76 cents on Friday.

The Australian dollar was boosted on Friday after US Congressional Republicans offered to temporarily extend the American debt ceiling but the talks ended up being fruitless.

There are just three working days left to raise the debt ceiling before the October 17 deadline.