We can rewrite $0.\overline{09}$ as the fraction $\frac{9}{99}$ and $0.\overline{7}$ as the fraction $\frac{7}{9}$.
Multiplying these fractions together, we get $\frac{9}{99}\cdot\frac{7}{9} = \frac{9\cdot7}{99\cdot9} = \frac{63}{891}$.
Simplifying the fraction, we find that $\frac{63}{891}$ reduces to $\boxed{\frac{7}{99}}$.
The answer is: \frac{7}{99}
Below is a math problem. Provide a detailed, step-by-step solution.

### Problem:
Write $(0.\overline{09})(0.\overline{7})$ as a common fraction.

### Answer:
