The headline ISM Services Purchasing Manager's Index (PMI) fell to 57.1 in April from 58.3 in March, below expectations for a slight rise to 58.5, according to the latest release by the Institute for Supply Management (ISM). 

Subindices:

• The Business Activity Index rises to 59.1 from 55.5 in March. 
• The Prices Paid Index rises to 84.6 from 83.8, a fresh record high. 
• The New Orders Index falls to 54.6 from 60.1, its lowest since February 2021. 
• The Employment Index falls to 49.5 from 54.0. 

Market Reaction

FX markets seemingly haven't reacted much to the latest PMI survey, with the US dollar ranging ahead of the Fed policy announcement later on Wednesday. The DXY is currently trading close to the 103.50 mark, having rebounded from earlier session lows near 103.20 since the start of US trade.