Chinese data helps Aussie to six-week high THE Australian dollar has risen to a six-week high following the release of strong economic data from China. At 7am AEDT, the local unit was trading at $US1.0437, up from $US1.0373 yesterday. Early this morning, the currency peaked at $US1.0459, its highest level since February 5. Westpac New Zealand senior market strategist Imre Speizer said the Australian and New Zealand dollars had a good night despite falls in sharemarket. "Basically, I put it down to Down Under and Asian data boosting the two currencies," Mr Speizer said from Auckland. NZ gross domestic product boosted the kiwi and helped the Aussie marginally. Data from HSBC yesterday showed manufacturing activity in China improved in March, following weak figures posted for February. Official figures from New Zealand showed its economy grew at an annual pace of 2.5 per cent, the fastest growth since the global financial crisis. Sharemarkets and the euro lost ground during the offshore session after the European Central Bank gave Cyprus an ultimatum. The ECB said Cyprus had until Monday to clinch a bailout deal for its struggling banks or emergency funding would be cut off. "You might also say the unfolding turmoil in Cyprus could be taking some of the shine off the euro zone as a place to park your reserves," Mr Speizer said. Central banks and others may be looking at increasing their allocations of Australian and New Zealand dollars. Mr Speizer said he expected news out of Europe, especially about Cyprus, would be the main driver for currency markets today and into the weekend.