The FX board's interesting move today was divergence. USD/CNY settled at 6.7018, down a slim 0.0179, with the yuan effectively pegged around 6.70. On the other side, USD/JPY at 157.80 and USD/KRW at 1337.0 both weakened — the yen and won both losing ground to the dollar.

That split helps re-export trade. Among our seven lines, Asian CIF cargoes settle in a mix of dollars and local currency. With the yuan steady and the yen and won softening, the same dollar-priced Oman or ESPO cargo converts into a lower yen or won cost, which lifts Japanese and Korean refiners' appetite to lift it.

In reverse, a steady yuan keeps Chinese buyers' local-cost flat, but the softer dollar itself lowers raw-material prices in other currencies, narrowing the intra-Asia spread. We would lock the two Japan- and Korea-bound cargoes first this week while the window holds, and wait for a clearer USD/CNY signal before moving on the China side.

EUR/CNY at 7.5108 and EUR/USD at 1.1209 both rose, meaning the euro is also strengthening against the yuan and European-origin cargo becomes relatively cheaper on a CIF basis. The takeaway: this is not a one-way dollar move but three currencies each on their own path, and the desk has to price by destination, not by region.