Today's FX map is a textbook split. USD/CNY printed 6.6726, up 0.039 on the day, so the yuan weakened against the dollar. Yet USD/JPY slipped to 159.66 and USD/KRW to 1334.2, meaning the yen and the won both firmed against the dollar.

That split hits arbitrage pricing directly. An Oman cargo paid in yuan costs the buyer a bit more than last week; the same cargo paid in yen or won by Japanese or Korean buyers is actually cheaper. One shipment, three delivered costs across currencies.

EUR/CNY fell to 7.3508 and EUR/USD to 1.1021, leaving the euro weak on both ends. A European refiner settling SNSUC cargo in euros absorbs extra exchange loss from the falling euro.

On the desk we hand members a multi-currency delivered table, recomputing Brent-linked cargo in yuan, dollars, yen and won against the live rate every day. Which currency a buyer uses is plain to see.

Tonight the focus is the Federal Reserve commentary. If the dollar keeps firming, the yuan-side cost climbs another notch; if the yen and won keep appreciating, those delivered prices look more attractive.