The U.S. Labor Department released its import and export prices data on Tuesday. The U.S. import price index fell by 0.5% in October, missing expectations for a 0.1% decrease, after a 0.6% decline in September. September's figure was revised down from a 0.1% drop.

The decline was mainly driven by lower prices for fuel imports.

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

U.S. export prices declined by 0.2% in October, after a 0.6% fall in September.