The dollar fell against major currencies after the Commerce Department announced that the U.S. trade deficit had widened to $68 billion in June, exceeding economists’ forecasts. The unexpected increase intensified worries about the country’s reliance on foreign investment to finance its economic growth.

Analysts cited the trade deficit figures as evidence of persistent imbalances in the global economy. Some economists believe that the widening deficit could put further downward pressure on the dollar in the coming months. The euro gained against the dollar, reaching its highest level in several weeks. The Japanese yen also strengthened versus the dollar following the trade data release.