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The Institute for Supply Management’s Non-Manufacturing PMI fell to 55.5 in April from 56.1 in March and fell short of the market expectation of 57. With the initial market reaction, the US Dollar Index turned south and erased a large part of yesterday’s gains. As of writing, the index was down 0.17% on the day at 97.67.

Commenting on the data, “The non-manufacturing sector has experienced an uptick in business activity, but in general, there has been a leveling off. Respondents are still mostly optimistic about overall business conditions, but concerns remain about employment resources.” said Anthony Nieves, Chair of the Institute for Supply Management  (ISM) Non-Manufacturing Business Survey Committee.