MW: Dollar gains vs yen after trade deficit narrows
The dollar advanced against major counterparts on Friday, after a report showed the U.S. trade deficit narrowed to a six-year low, a lower gap than economists expected. The dollar stood at 98.42 yen, compared with 98.19 ahead of the data. The dollar index a measure of the U.S. unit against a basket of six major counterparts, stood at 87.460, up from 87.368. The euro traded at $1.2901, down slightly from $1.2914 in North American trade late Thursday. The U.S. trade deficit narrowed by 9.7% in January to $36.0 billion, the lowest monthly gap since October 2002, the Commerce Department said Friday. The trade deficit was below the consensus forecast of Wall Street economists of a deficit of $38.0 billion.
