08/02/2014 08:52 AST

The dollar is bouncing back from some recent weakness against its major competitors on Tuesday. Yesterday's weaker than expected ISM manufacturing report contributed to the currency's recent decline. Meanwhile the decrease in factory orders reported today was less severe than economists had expected.

New orders for U.S. manufactured goods showed a notable pullback in the month of December, according to a report released by the Commerce Department on Tuesday, with the decrease largely due to a steep drop in orders for transportation equipment.

The report said factory orders fell by 1.5 percent in December following a revised 1.5 percent increase in November. Economists had expected orders to drop by about 1.8 percent compared to the 1.8 percent growth originally reported for the previous month.

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