The dollar is climbing.

The US dollar index is up by 0.3% at 97.81 as of 7:31 a.m. ET.

“The USD has broken out of its consolidation pattern developed since March,” wrote a Morgan Stanley team led by Hans W. Redeker.

“Long-term DM sovereign issuance activity has helped steepen yield curves and with DM labour markets tightening and key raw-material prices moving higher, investors seem to conclude that global deflationary pressures have abated somewhat for now,” they continued. “Steeper DM curves are pushing low-yielding currencies down and the USD up.”

As for the rest of the world, here’s the scoreboard as of 7:33 a.m. ET:

    The euro is down by 0.4% at 1.1011 against the dollar. Earlier, Spanish CPI rose by 0.2% year-over-year in September, below expectations of 0.3%. Meanwhile, Italian CPI fell by 0.2% month-over-month in September, in line with expectations. The Singapore dollar is down by 0.4% at 1.3871 per dollar after the latest data showed that Singapore's economy contracted sharply. GDP dropped by 4.1% in seasonally adjusted annual terms - the steepest drop since 2012. Meanwhile, economists had expected that the economy expanded by 0.3%. The British pound is little changed at 1.2238 against the dollar. However, the pound dipped below $1.22 earlier on Friday morning. The Indian rupee is stronger by 0.1% at 66.725 per dollar after wholesale prices in India came in below expectations. Prices rose at a 3.57% YoY rate, missing economist expectations for a 3.9% gain. The Japanese yen is down by 0.5% at 104.27 per dollar