The Swiss franc rose against the dollar in early Monday trading, as a statement from the Group of Seven nations that China should let its yuan currency appreciate sapped the greenback's forces.
The dollar tumbled to a three-month low against the yen after the world's most powerful nations called for major exporting nations to allow their currencies to rise against the dollar to help resolve global trade imbalances.
The dollar traded at 1.2731/34 francs early on Monday, down from 1.2780 francs late on Friday in Europe. The euro traded at around 1.5725/28 francs, compared with 1.5744 francs in the previous session.
The dollar already hit a two-month low against the franc and a seven-month low against the euro last week as oil prices hit fresh all-time highs.
Traders are likely to focus throughout the week on Friday's release of the April business sentiment indicator from Swiss economic think tank KOF, which is expected to surpass March's reading of 1.30, the highest reading since June 2000.
A median poll of 14 economists expects the widely-watched indicator, which points to likely economic developments in about six months' time, to rise to 1.32 in April from 1.30 in March.
"The data emanating from Switzerland are good, even though the week ahead could reveal that economic momentum is on the verge of its zenith," analysts at Credit Suisse said.