Dollar slips in early trade

The Australian dollar has weakened slightly this morning after a strong bounce yesterday.

The Australian dollar is lower following mixed results from a batch of United States economic data suggesting the world's largest economy is growing at a moderate pace.

The local unit was trading at 92.86 US cents at 0630 AEST on Friday, down from 93.17 cents on Thursday.

The data released was mixed, showing US incomes were higher, pending home sales were strong, inflation pressures remained low and consumer spending rebounded – although not as high as expected – indicating the US central bank may hold off on tapering its economic stimulus.

Comments from various Fed speakers overnight have also reassured investors that the stimulus program would likely remain for some time.

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