The FX tape was clean today: the dollar fell to 6.662 against the renminbi (-0.03), 1,332.93 against the won (-0.66), 157.74 against the yen (-0.04) and 1.1149 against the euro. Three local currencies appreciating together means landed costs quoted in RMB, won or yen all step down at once, trimming the importer's book.

For SNSUC's transshipment book the effect splits: Middle East and West African barrels are dollar-priced, so local appreciation directly lowers the converted landed cost and helps downstream uptake; but a firmer yen raises the landed yen cost seen by Japanese buyers, so quotes for Japanese clients need the reverse adjustment. We book by settlement currency and never blend one rate across desks.