* Majors quiet ahead of expected ECB rate cut, G20 meeting
* Market watching ECB for signs of unconventional easing
* G20 draft communique: to regulate big hedge funds
TOKYO, April 2 (Reuters) - The euro, dollar and yen barely budged on Thursday as markets awaited an expected rate cut from the European Central Bank and what it might say on unconventional easing, while also keeping a close eye on possible steps for the global economy from a G20 meeting.
A draft communique from the Group of 20 leaders of developed and developing nations meeting in London made no specific commitment to extra fiscal stimulus but said regulation would extend to systemically important hedge funds.
Leaders were also set to pledge to cooperate on economic policy, boost funds for the International Monetary Fund and refrain from competitive devaluations of their currencies as they seek to ward off a deepening global slump.
The ECB is expected to cut its benchmark interest rate by half a percentage point to a record low of 1.0 percent.
Markets are keen to see whether it will follow the U.S., British, and Japanese central banks in buying corporate or government debt to boost money supply.
"The markets are pretty much in limbo ahead of the G20 and the ECB. So I wouldn't expect much in the way of volatile moves ahead of them," said Sue Trinh, senior currency strategist at RBC Capital Markets in Sydney.
The euro was steady from late New York trade at $1.3253, although within sight of Monday's two-week low at $1.3113 and technical support at its 100-day moving average at $1.3137.
The dollar was also steady at 98.50 yen, eyeing a March peak of 99.69.
The euro edged up 0.1 percent to 130.63 yen, after losing ground against the Japanese currency in the past two sessions following its failure to break through 132.00.
The ECB's rate decision is due at 1145 GMT.
ECB President Jean-Claude Trichet holds a question and answer session at 1230 GMT, with some analysts doubtful he will say much about whether the central bank will buy corporate or government debt in steps known as quantitative easing.
"If Trichet unleashes anything along the lines of QE that would be poorly received by market," Trinh said, adding the euro would likely trade lower in that event.
The Australian dollar edged higher to $0.7005 and gained 081 3 6441 1870))