Sterling holds steady through Europe - GBP....>

FOREX: Sterling holds steady through Europe

- GBP outperformed against the dollar with steady gains seen through Europe.

GBPUSD squeezed to $1.3287 but has so far failed to take out yesterday's

multi-month highs ($1.3288). EURGBP eased to Gbp0.8752, while GBPJPY briefly

traded above Y147.00 for the first time since mid-November.

- Reported leveraged demand underpinned EURUSD, but continues to face strong

headwinds from corporate supply ahead of $1.1400/10.

- Safe-haven flows saw the CHF & JPY register modest gains. USDJPY's false break

of Y111.00 was further accentuated with the corrective pullback extending to

Y110.36. USDCHF traded back through parity to Chf0.9969 and brings the 100-dma &

38.2% retracement level back into view at Chf0.9959/52.

- Antipodeans underperformed with AUD & NZD posting losses of 0.26%/0.14%

against the dollar. Soft AU completed work data pressured AUDUSD overnight as

some economists pointed to the potential of a downside surprise in next week's

GDP print. AUD holds on its 100-dma at $0.7165.

- US Wholesale Invents at 1330GMT, Fac Orders & Pending Home Sales at 1500GMT.