LONDON (AFX) - Major currencies were rangebound in quiet early trade, with most immediate attention focusing on the investment announcement from the Japanese Government Pension Investment Fund, dealers said. The GPIF is due to announce its investment plans for the coming year this morning and there are growing indications that a large bulk of it will be allocated overseas. "That could be negative for the yen even though the flow won't happen for a couple of weeks and won't happen all at once," said Ian Stannard, currency strategist at BNP Paribas. Commerzbank's Patrick Bennett agreed that the amount the fund proposes to shift offshore will garner most attention but doubts there will be a major currency move on the back of the announcement. "There has been significant focus on the announcement and it would take a major surprise to move markets," he said. Elsewhere, the major currencies were rangebound, though there will be some interest in fourth-quarter euro zone GDP numbers later. Though a 0.1 pct contraction is expected, BNP Paribas' Stannard said the interest will lie in the detail, in particular what's happening with consumption and investment. "It could put the euro under pressure," he said. Meanwhile, sterling remained rangebound ahead of industrial production and manufacturing output data that are expected to show a marked improvement. A disappointing result could push sterling lower, said Rob Hayward, currency strategist at ABN Amro.