The euro strengthened clearly today: EUR/CNY rose to 7.5522 (+0.4042) and EUR/USD to 1.1269 (+0.4457). This reverses the euro-weakness phase of recent weeks — the single currency appreciated against both the dollar and the renminbi, and the Europe-facing trade book needs repricing.

For an offshore supplier that settles in dollars, a stronger euro means a worse rate when European buyers pay in euros and convert to dollars; on the procurement side, euro-denominated fees and insurance on North Sea/West Africa cargoes intermediated by European traders drift up even though the barrel is quoted in dollars.

Refiner energy cost is also in play: euro-priced gas and power, cheaper once converted to dollars, theoretically help European refinery margins, but the stronger euro also lifts the dollar tag on their product exports, eroding competitiveness into Asia. On this chain, Asian refiners' relative cost edge is partly offset by euro strength.

Against Asian currencies the picture splits: USD/JPY at 157.98 (+0.02) barely moved while USD/KRW at 1338 (-0.33) shows a stronger won. Three currencies moving differently against the dollar make the re-export FX mismatch more complex than a dollar-only view — fold EUR/USD and EUR/CNY into the landed-cost model before the next letter of credit.