The Australian dollar was buying $US0.8842 late in the trading session on 16 January 2008, after falling to a low of $US0.8783. The currency had peaked at $US0.9020 on the previous day, but it was sold down after a slump in retail sales in the US for December 2007 heightened concerns about the outlook for the US economy. Fears that the global economy is slowing and the massive loss posted by global bank Citigroup also weighed heavily on the Australian dollar, as well as its New Zealand counterpart.
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