Dollar pares losses vs yen and euro after US trade deficit data

NEW YORK: The dollar slightly pared losses versus the yen on Tuesday after data showed the US trade deficit narrowed sharply in June to its lowest level in more than 3-1/2 years.

Imports reversed the prior month's spike, suggesting an upward revision to second-quarter growth.

The Commerce Department said the trade gap fell 22.4 percent to $34.2 billion, the smallest since October 2009. The percentage decline was the largest since February 2009.

The dollar last traded at 98.14 yen, down 0.2 percent on the day. It had been trading at 98.06 yen before the data.

The euro briefly dropped after the data, but then gained ground to last trade at $1.3292, up 0.3 percent on the day. It had been trading at $1.3286 before the data.