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The US Dollar slides lower against most major peers and looks for support on Wednesday. Economic data and risk premium unwind in the Greenback is triggering a correction. The US Dollar Index (DXY) falls below 108.00 and tests major support at 107.50. The US Dollar Index (DXY), which tracks the performance of the US Dollar against six major currencies, dives lower and trades near 107.50 at the time of writing on Wednesday ahead of the US Purchase Managers Index (PMI) releases from both S&P Global and the Institute for Supply Management (ISM). Tensions in markets over the United States (US) President Donald Trump’s tariffs are unwinding now that levies on Mexico and Canada slapped over the weekend have been paused. This coincides with some US Dollar (USD) risk premium easing this Wednesday while Chinese traders head back to their desks after the Chinese New Year, with a surge in trading volumes. As mentioned above, the economic data calendar shows a bulk of PMI releases on Wednesday. In Europe, the aggregate Eurozone, German, French, and Spanish PMI data have already been released earlier in the day, with final readings for January falling roughly in line to below their preliminary readings. In the US, S&P Global is set to release its reading in the early American session, with the ISM data specifically for the Services sector set to be issued just minutes thereafter. Daily digest market movers: Data takes over from tariffs At 13:15 GMT, the ADP Employment Change for the private sector will be released. Expectations are for an increase of 150,000 new jobs in January compared to 122,000 previously. At 14:45 GMT, S&P Global will release its final reading for the Services and Composite PMI for January. No changes are expected from preliminary readings, with Services standing at 52.8 and…