FX did not move in lockstep today. The dollar slipped to 6.6740 against the yuan and 1338.07 against the won — both the CNY and KRW strengthened — while it climbed to 159.75 against the yen, leaving the yen weaker. EUR/USD at 1.1098 also points to a soft euro.

For transfer trades this splits the local-currency basis of delivered cost. CNY-denominated items — bonded storage, domestic freight — got cheaper today; JPY items — Japan-leg logistics, some insurance — got dearer; KRW items — Korean transshipment, some port fees — got cheaper.

Do not substitute one dollar index for the actual currencies. Every payable in the transfer ledger sits in a different currency and must be repriced to its local equivalent, or the yen leg will quietly eat margin in the books.

Operationally, split in-transit cargoes by currency bucket today: mark the CNY and KRW groups down on local cost, the JPY group up, and the EUR group marginally lower with the softer euro. Only after repricing decide which leg to hedge now and which to leave at spot.