
GBP/USD: the pound is consolidating in anticipation of the latest statisticsThe GBP/USD pair is showing a moderate correction, holding near the 1.3112 mark. The decline in the US currency creates additional support for the pound, while the British currency remains stable due to a number of external factors.The incoming UK macro statistics did not cause a pronounced reaction from market participants. According to Nationwide Building Society, housing prices remained unchanged month-on-month in March, despite a projected 0.2% increase and an annual rate of 3.9%. Traders are focusing on the publication of final data on business activity indices: in the services sector, the indicator is expected to rise from 51.0 to 53.2 points, and the composite index from 50.5 to 52.0 points, which may reflect a recovery in business confidence.Meanwhile, the US dollar index (USDX) continues to decline, trading near the 102.70 mark and updating the annual low below the 103.00 level. Despite the positive labor market, pressure on the dollar is increasing due to the escalation of trade policy. President Donald Trump announced the introduction of a new package of tariffs that will affect all states that have taken retaliatory measures: duties for China will amount to 34.0%, for the European Union — 20.0%, and for Japan — 24.0%. The White House is also considering the idea of a mandatory minimum trade tax of 10.0% for all partner countries. British Prime Minister Keir Starmer had previously negotiated the possible exclusion of the kingdom from this list, but on the eve he admitted that it would not be possible to avoid duties, and the country should prepare for tougher conditions. In 2024, the share of trade with the United States reached 17.0% of the total foreign economic turnover of the United Kingdom.Resistance levels: 1.3210, 1.3420.Support levels: 1.3030, 1.2760.USD/JPY: bearish signals are intensifyingThe USD/JPY pair continues to move within the framework of a downward correction, holding near the level of 147.26 against the background of weak trading activity on the yen due to increased global uncertainty.On Tuesday, Bank of Japan Governor Kazuo Ueda expressed concern about increased trade restrictions from the United States. As it became known, additional fees will be added to the existing duties on steel and aluminum imports, as a result of which the cumulative rate on Japanese products sent to the United States may reach 24.0%. Ueda stressed that this issue will be raised at the upcoming G20 summit in Washington, and it is too early to talk about the consequences for domestic consumption and investment before it is held, instructing analysts to conduct a detailed assessment and develop preventive support measures. Against the background of this rhetoric, macroeconomic indicators remained in the shadows: net purchases of foreign bonds decreased to -5.9 billion yen from -233.7 billion yen a week earlier, and foreign investments in Japanese stocks amounted to - 450.4 billion yen after -1.2 trillion yen.Resistance levels: 148.60, 152.40.Support levels: 146.50, 143.20.Silver market analysisThe XAG/USD pair is showing a steady decline in morning trading, continuing the downward movement that began at the end of the previous week, when silver prices failed to stay near the local highs of October 23. The instrument is currently trading around the 33.20 mark, while investors are carefully assessing the consequences of the latest decision by US President Donald Trump to impose large-scale retaliatory tariffs against all states that restrict access to American products on their markets.According to the White House's initiative, the base duty rate is set at 10.0%, while mirror measures will be applied in an amount proportional to restrictions from other countries. For example, according to Trump, if the European Union withholds a tax of 39.0%, the United States will impose 20.0% in response. Specific values have already been published: China — 34.0%, Taiwan — 32.0%, Switzerland — 31.0%, Great Britain — 10.0%. Additionally, 25.0% tariffs on all imported cars will come into force on April 3, and on component parts from May 3. Market participants fear that these measures could provoke a large-scale deterioration in trade relations and create serious risks for the global economy, including causing a new wave of pressure on the US dollar. It also poses potential threats to the industrial sector, especially given the high proportion of silver in production chains — about 70% of the total supply is used for industrial purposes. The main supplies come from Canada and Mexico, which have already imposed mirror duties on American goods, including silver, totaling 30.0 billion Canadian dollars.Despite the current risks, the silver market remains positive in the long term. According to the Silver Institute, global demand for the metal may reach historic highs in 2025, primarily due to the rapid growth of the solar panel and electric vehicle industries. Physical mining is also showing steady growth: in 2024, First Majestic Silver Corp. It achieved a record production volume of 10.3 million ounces at the Santa Elena field, which is 7% higher than the results of the previous year.Resistance levels: 33.42, 33.75, 34.26, 34.57.Support levels: 33.00, 32.72, 32.27, 32.00.Oil market analysisDuring trading in Asia, WTI Crude Oil prices continue to decline, developing a downward movement that began on Tuesday. Currently, quotes are trying to overcome the support level around $ 69.45 per barrel, while the US republican administration's trade strategy has a significant impact on market dynamics. Investors are reacting with concern to statements from the White House, where protectionist initiatives are intensifying that could affect global energy flows.Additional pressure on the oil market was exerted by news about the possible introduction of a new package of sanctions against Russian oil supplies. A group of American senators has proposed the establishment of ultra-high tariffs of 500% on imports from countries that continue to purchase hydrocarbons from Russia, in case Moscow, in their opinion, delays the process of reaching peace agreements on the Ukrainian conflict. For comparison, similar secondary measures in force against Venezuela involve a tax of only 25%, which underlines the potential severity of the new sanctions pressure.The decline in prices is also supported by negative statistics from the US Energy Information Administration (EIA): oil reserves for the week ended March 28 unexpectedly increased by 6.165 million barrels, despite analysts' expectations of a decrease of 2.0 million barrels. A week earlier, stocks, on the contrary, decreased by 3.341 million barrels. An additional factor of instability was the situation around Kazakhstan, which has been exceeding OPEC+ production quotas for the third month in a row. In March, production in the country reached 1.880 million barrels per day with a quota of 1.468 million. The overall growth is attributed to high production activity at the Tengiz field and stable loading by the Caspian Pipeline Consortium. In 2023, the country reached a historic record for total oil and gas condensate production of 8.95 million tons per month, equivalent to 2.17 million barrels per day. All this puts additional pressure on OPEC+'s attempts to stabilize the market.Resistance levels: 69.50, 70.00, 70.34, 71.00.Support levels: 69.00, 68.25, 67.50, ...