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The Australian dollar collapsed from near its highest in three weeks as a report likely to show economic growth in China-the country's largest trading partner-has likely slowed down.

"Markets seem to be looking for an adjustment in Chinese growth and we're seeing a bit of profit-taking in the Aussie leading into those announcements," said Jim Vrondas, a manager at the online foreign-exchange dealer OzForex Ltd. in Sydney told Bloomberg.

He noted that the Aussie dollar is running out of momentum. "And if we get a clear break below 86.80 cents, I think we can see more downside throughout this week," added Vrondras.

Australia's currency fell 0.4 percent to 87.26 U.S. cents as of 1:53 p.m. in Sydney from 87.59 cents in New York yesterday, when it touched 87.93 cents, the most since June 22.

New Zealand's dollar traded at 71.11 U.S. cents from 71.17 cents in New York yesterday and earlier reached 71.37 cents, the strongest level since June 28. It fell 0.2 percent to 62.94 yen.