The Swiss franc gained ground against the dollar in early European trade on Wednesday as the US currency was pressured by the view that a cycle of interest rate rises by the US Federal Reserve was coming to an end.
The dollar hit a seven-month low against the euro earlier in the session, extending losses made after minutes of the Federal Reserve's March meeting suggested that the central bank was close to ending a two-year run of raising interest rates.
The dollar also slipped to a fresh three-month trough against the Swiss franc, stung by the minutes and also by softer-than-expected data for US producer prices and housing starts.
The dollar traded at 1.2698/2702 francs early on Wednesday, compared with 1.2735/38 late on Tuesday, and just above a low of 1.2664 francs seen earlier in the session.
The euro was trading in line with Tuesday's closing levels at around 1.5675/79 francs, having recovered from the lows of the previous session of around 1.5631 francs.
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