The market has reverse its upside movement to the downside after the ECB leaders indicated that European Finance Ministers will take a long time to implement the financial plan that works to contain the European debt crunch.

Moreover, Europe's plan, which has yet to be made public, includes writing down Greek bonds by as much as 50 percent, establishing a backstop for banks and increasing the strength of the 440 billion-euro ($606 billion) European Financial Stability Facility.

Meanwhile, the common share plunged against the American dollar after German Chancellor Angela Merkel's chief spokesman said that the Europe's plan isn't likely to be fulfilled at an Oct. 23 summit.

On the other hand, the Australian dollar retreated vs. the US dollar before the RBA's minutes that will show there is more scope to cut the interest rates if necessary.