Forexpros – The New Zealand dollar fell against its U.S. counterpart on Wednesday on softer-than-expected balance of payments data.

NZD/USD hit 0.7954 in Asian trading on Wednesday, down 0.34% and up from a session low of 0.7947 and off from a high of 0.7984.

The pair sought to test support at 0.7947, the earlier low, and resistance at 0.7990, the high of June 19.

New Zealand reported a seasonally adjusted current account deficit of NZD2.8 billion in the March 2012 quarter, up NZD0.6 billion from the December 2011 quarter deficit, the New Zealand government reported.

For the year ended March 2012, the current account deficit hit 4.8% of GDP, compared with 3.7% for the year ended March 2011.

The numbers, which were worse than expected, weakened the New Zealand currency against the greenback.

The dollar, meanwhile, was up against many major currencies amid bottom fishing after investors sold the currency ahead of Wednesday’s Federal Reserve statement on monetary policy.

The New Zealand dollar, meanwhile, was down against the yen and down against its Australian counterpart, with NZD/JPY falling 0.55% to 62.67 and AUD/NZD up 0.22% at 1.2795.

Later Wednesday, the Federal Reserve will announce its decision on the direction of benchmark interest rates and economic projections.

The data is to be followed by a press conference with Fed Chairman Ben Bernanke to discuss the monetary policy decision.

The U.S. is also to release government data on crude oil stockpiles.