The U.S. Labor Department released its import and export prices data on Tuesday. The U.S. import price index declined by 0.1% in June, missing expectations for a 0.1% increase, after a 1.2% rise in May. May's figure was revised down from a 1.3% increase.

The decline was driven by lower no-fuel import prices, which fell 0.2% in June.

Fuel import prices rose 0.7% in June.

A stronger U.S. currency lowers the price of imported goods.

U.S. export prices declined by 0.2% in June, after a 0.6% gain in May.