​EBC Markets Briefing | Swiss franc down; Micron stock jumped

​The Swiss franc dipped on Tuesday as Trump and his national security team discussed Iran's proposal to reopen the Strait of Hormuz if the US lifts its blockade.

It remains unclear if Trump, who has repeatedly insisted the central goal of the conflict is keeping Iran from ever obtaining a nuclear weapon, will entertain the reported offer to end the war.

SNB Chairman Martin Schlegel said the outlook for economy hinges on how long conflict-driven energy price pressures persist, warning that prolonged high prices could fuel inflation and weigh on growth.

Although energy makes up a smaller ⁠proportion of Swiss household spending than in the EU, he warned that policymakers should not underestimate the wider effects of higher oil prices.

Swiss trade weakened at the start of 2026. Exports fell by 4.2% in Q1, compared with the previous three months, reaching the lowest level since late 2021, according to the official data.

OCBC strategists argue that the currency's safe-haven demand is being constrained by perceived intervention risk. They doubt if policymakers will tolerate sustained appreciation to fight inflation.

The inverse head and shoulders pattern was formed, so the bullish bias remained despite last week's drop. A push above 0.78 per dollar again is likely.

Asset recap

As of market close on 27 April, among EBC major products, Micron Technology shares led gains after Melius Research said demand for memory chips could remain high through the end of the decade.

Northland analyst Gus Richard downgraded AMD from Outperform to Market Perform, arguing that expectations have run ahead of what the next phase of the cycle can realistically support.

Uranium is drawing renewed investor attention as nuclear power becomes more important to energy security, electrification and AI-driven power demand.

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