ASX Market Outlook - October 23, 2013

• Australian dollar took a plunge against US dollar after a report saying that China money market rates are surging and Yen is strengthening on technical. US jobs data and positive quarterly inflation figures also boosted the Australian currency in early trades.
• Due to late sell-off, the S&P/ASX 200 index lost 17 points, or 0.3 per cent, to 5356.1, after hitting 5400 in early stages of the session. Traders are scratching their heads for the reasons behind this sudden sell-off. Some are pointing to the afternoon strengthening in Yen against U.S. dollar while others are saying investors were cautious by a report on Bloomberg , saying that China's biggest banks have tripled the amount of bad loans written off in the first half, cleaning up their books ahead of what may be a fresh wave of defaults.
  
  ASX 200