The Australian dollar is climbing

The Australian dollar is climbing.

The currency is up by 0.6% at .7678 per dollar as of 7:39 a.m. ET.

"AUD is being supported by a rise in Australia's terms of trade, and the prospect Australia's trade deficit will soon turn to a trade surplus, narrowing Australia's current account deficit," Richard Grace, chief currency strategist at the Commonwealth Bank, told Business Insider Australia.

"AUD/EUR, AUD/CHF, and AUD/CNH all moved further towards the top of their twelve-month trading range, with AUD/EUR reaching a 16 month high of 0.6961."

As for the rest of the world, here's the scoreboard as 7:42 a.m. ET:

• The British pound is up by 0.7% at 1.2269 against the dollar after data showed that British CPI rose 1.0% year-over-year in September, above expectations of a 0.9% increase, and by 0.2% month-over-month, compared to expectations of a 0.1% rise.
• The Russian ruble is up by 0.4% at 62.8547 per dollar, while Brent crude oil, the international benchmark, is up by 0.7% at $51.88 a barrel.
• The Japanese yen is little changed at 103.97 per dollar.
• The US dollar index is up by 0.2% at 97.74 ahead of CPI data, which will be out at 8:30 a.m. ET, and the NAHB Housing Market Index, which will be out at 10 a.m. ET.

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