The U.S. Commerce Department released its current account data on Thursday. The U.S. current account deficit narrowed to $109.7 billion in the second quarter from $118.3 billion in the first quarter, beating expectations for a deficit of $111.3 billion. The first quarter's figure was revised up from a deficit of $113.3 billion.

The trade deficit decreased due to smaller deficits on goods and secondary income.

Exports of goods rose to $384.8 billion in second quarter from $382.8 billion in the first quarter, while goods imports fell to $573.1 billion from $575.0 billion.

The surplus on primary income climbed to $50.6 billion in the second quarter from $49.7 billion in the first quarter.