The euro rose to 7.4265 against the yuan and 1.1161 against the dollar, up more than 0.05 on both pairs in two days. For buyers in China–EU trade, euro-denominated procurement cost ticks up; conversely, Chinese goods exported to the continent now convert into more yuan when settled in euro.

European refiners buy dollar-priced Brent, so a stronger home currency should help — but Brent holds above $111, and that currency gain is erased by the oil price. Their feedstock bill stays heavy regardless.

Asia splits in two: the yuan at 6.6558 and the won at 1,333.05 both firm slightly, leaving local-currency buyers comparatively comfortable, while the yen instead weakens to 157.58, lifting the cost line for Japanese refiners and importers.

Between the rise and the fall, the Asian side with firming local currencies regains an edge on crude landed parity, while Europe is squeezed by “strong euro plus high oil” and its import window looks less open.