On Sep 28 the euro softened: EUR/USD fell to 1.1367, down 0.1493 on the day, and EUR/CNY dropped to 7.6253, off 0.2172. Euro-denominated North Sea Dated and a slice of ESPO term deals become cheaper at the delivered cost for euro-zone buyers.

For SNSUC's entrepot book the euro settlement share is small, but Mediterranean and NW European counterparties on long-haul routes invoice in euros. With EUR/CNY lower, buying euros through RMB is cheaper, and the CIPS euro direct-clearing corridor compresses what was a T+1 settlement into same-day, cutting one night of FX exposure.

The flip side: a weak euro often rides alongside a firmer dollar, and USD/JPY actually rose to 157.40 (+0.1527) today. Cross-currency entrepot contracts should hedge both the euro and yen legs with NDFs rather than only flattening the dollar leg.