The U.S. Labor Department released its import and export prices data on Friday. The U.S. import price index fell by 0.3% in February, beating expectations for a 0.6% decrease, after a 1.0% decline in January. January's figure was revised up from a 1.1% drop.

The decline was mainly driven by lower prices for fuel imports, which slid 4.0% in February.

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

U.S. export prices declined by 0.4% in February, after a 0.8% fall in January.