Currency market focusOn the dollar front, the U.S. dollar index fell 0.27 percent on Wednesday, mainly as investors are gradually shaking off the surge in Omicron cases in favor of riskier currencies. However, in the medium term, US economic growth may continue to stimulate the dollar in 2022, while interest rates and monetary policy will also play a supportive role. Overall, the dollar is expected to remain a strong structure in the medium and long term, and a weak structure in the short term.On the yen side, the US dollar rose 0.13% against the yen on Wednesday, mainly because the yen has been hit by strong investor risk appetite, which is evident in the generally optimistic tone of the stock market, undermining the value of the safe-haven yen. On the whole, the USD/JPY is still a strong structure in the medium and long term, and a strong structure in the short term.In European currencies, the euro rose 0.34% against the dollar on Wednesday, mainly due to the dollar's retreat. However, the uncertainty of the European epidemic is still not conducive to the euro. Overall, the euro remains under pressure in the medium and long term; There is still a short-term rebound, but it will be more repeated.In the UK, the pound gained 0.43% against the dollar on Wednesday, mainly due to the dollar's retreat, as well as higher UK government bond yields across the board, with the 10-year yield above 1%. Overall, the pound remains under pressure in the medium and long term; There is still a short-term rebound, but it will be more repeated.On Wednesday, commodity currencies as a whole were stronger, with the Australian dollar up 0.29% against the US dollar; The New Zealand dollar gained 0.37% against the greenback; The dollar fell 0.27% against the Canadian dollar. Mainly due to the fall in the dollar, as well as the weakening of the impact of the Omicron variant virus, US stocks rose and market risk appetite increased. Overall, the Australian dollar, New Zealand dollar in the long term is still under pressure; There is still a short-term rebound, but it will be more repeated.Commodity marketIn gold, prices were little changed on Wednesday as a weaker dollar helped offset pressure from higher Treasury yields and increased investor demand for riskier assets. Overall, the short-term gold price is a volatile structure.On the oil front, U.S. oil extended gains on Wednesday, mainly due to data showing a sharp drop in U.S. crude inventories last week, and U.S. crude demand was stronger than the market expected, overshadowing concerns that a rise in new cases could drag down demand. Overall, the short-term oil price is a strong structure of volatility.Stock index outlookHong Kong stocks opened lower on Wednesday, with the Hang Seng Index closing down 0.83% at 23,086.54; The Hang Seng Technology Index fell 1.75% to a 1-1/2-year low, while the Hang Seng State-owned Enterprises Index fell 1.17%. Turnover on the day was HK $62.945 billion. On Wall Street, trading volume was light as declines in technology stocks abated amid hopes that the economic recovery can withstand a surge in coronavirus cases. The S&P 500 closed at a record high for the 70th time this year, the Dow Jones Industrial Average also closed at a record high and the Nasdaq 100 erased intraday losses. Therefore, the short-term pressure on Hong Kong stocks may be alleviated.AbstractCFTC fund flow data shows that sterling bears are at the extreme, so it is expected to rally in the short term with the inflow of funds and support it, in addition, the dollar bulls are also at the extreme.Pound/US, Australian/US, New Zealand/US long can cash in most of the profits.