The Mexican peso climbs to a 10-month high

The Mexican peso has climbed to a 10-month high.

The currency was up by 0.1% at 18.0255 per dollar at 7:41 a.m. ET.

It has climbed by more than 16% against the greenback since touching a low in mid-January around US President Donald Trump's inauguration.

The peso became something of a gauge of Trump's prospects in the months leading up to the election. When traders thought Trump's prospects of winning went up, the peso often went down against the dollar - and vice versa.

After he was elected, the peso continued to weaken against the dollar as Trump ratcheted up his anti-trade rhetoric, focusing on the North American Free Trade Agreement (NAFTA). However, the currency has appreciated in recent months as the administration suggested that it will renegotiate the trade agreement, rather than pull out of it entirely.

As for the rest of the world, here's the scoreboard as of 7:49 a.m. ET:

• The US dollar index is little changed at 97.08 ahead of the Fed decision. The market is pricing in a 94.8% change that the FOMC will hike rates at the meeting, but Fed Chair Janet Yellen will have a harder time justifying that hike, says Business Insider's Pedro da Costa.
• The euro is little changed at 1.1199 against the dollar. Earlier, data showed that German CPI rose by 1.5% year-over-year in May, in line with expectations. Moreover, eurozone industrial production rose 1.4% YoY in April, above expectations of 1.3%.
• The British pound is down by 0.2% at 1.2731 against the dollar. Earlier, data showed wages climbed by 2.1% including bonuses and by 1.7% excluding bonuses in May. But, average earnings adjusted for inflation slipped by 0.4% including bonuses, and by 0.6% excluding them.
• The Russian ruble is little changed at 57.0658 per dollar, while Brent crude oil, the international benchmark, is down by 0.7% at $48.35 per barrel. Data released Tuesday showed OPEC production was rising. US oil inventories will be released at 10:30 a.m. ET.
• The Australian dollar is up by 0.6% at .7582 per against the dollar.