The dollar is down Tuesday morning in the wake of a disappointing U.S. durable goods report and amid a rise in risk aversion throughout the market. After starting the New York session significantly lower across the board, the dollar slipped further following news that demand for durable goods tumbled in January. The greenback's knee-jerk move was relatively modest as investors await the release of additional U.S. data. Orders for durables fell by 7.8% last month versus an expected slip of just 3.2%. Overnight the dollar dropped lower against both the yen and the Swiss franc as risk aversion rose on the back of mounting troubles in the subprime mortgage market, the decline of the Chinese equities market overnight and tensions between the U.S. and Iran. Meanwhile, increased signs of higher interest rates in the euro zone has allowed the euro to climb to a two-month high against the dollar.