The U.S. Commerce Department released its current account data on Thursday. The U.S. current account deficit narrowed to $125.3 billion in the fourth quarter from $129.9 billion in the third quarter, missing expectations for a deficit of $118.9 billion. The third quarter's figure was revised down from a deficit of $124.1 billion.

The trade deficit fell due to drops in the deficits on goods and secondary income, and a rise in the surplus on services.

The deficit on goods and services fell to $133.7 billion in the fourth quarter from $138.6 billion in the third quarter.

The surplus on primary income decreased $42.8 billion in the fourth quarter from $45.4 billion in the third quarter.

The deficit on secondary income declined to $34.3 billion in the fourth quarter from $36.7 billion in the third quarter.