FOREX-Euro holds tight ranges ahead of Trump, ECB virus response

* Euro steady as markets wait for ECB at 1230 GMT
* Commodity currencies slip, yen firm
* Trump to address nation at 0100 GMT
* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E

By Tom Westbrook
SINGAPORE, March 12 (Reuters) - The euro held its nerve on
Thursday, as markets wait to see how aggressively the European
Central Bank will move to combat the coronavirus' economic
shock, following emergency rate cuts in the U.S. and Britain.
Investors expect the ECB will cut its main deposit rate by
10 basis points. But it is no certainty since rates are already
at a record-low -0.5% and further cuts could hurt bank margins
and so squeeze lending.
Markets also await 0100 GMT remarks from U.S. President
Donald Trump, who has downplayed the risks from coronavirus, but
said he would address economics and healthcare in his comments.
The euro EUR= was flat in Asian trade at $1.1260, its
softest so far in a week where it has soared on expectations of
further rate cuts in the United States.
Futures markets have priced the lower band of the U.S.
Federal Reserve's funds rate hitting zero by May. 0#FF:
Sterling meanwhile GBP= nursed modest losses after the
Bank of England made a surprise half-a-percentage-point rate cut
in tandem with a $39 billion government stimulus package.
It last sat at $1.2815.
"There's a sense to which currency markets are going to
reward the currencies of countries that are seen to be using
whatever space they've got for easier fiscal and monetary
policy," said Ray Attrill, head of FX strategy at NAB.
"(But) even if the ECB wheel out a cocktail of lower rates,
stepped up QE, more long-term ... in itself, that's not going to
inspire a huge amount of confidence that the eurozone economy is
going to escape recession. The hope would be that we'll have
something more tangible on the fiscal side sooner rather than
later."
A press conference is due at 1230 GMT in Frankfurt,
following the monetary policy meeting.
Elsewhere, the dollar advanced against commodity currencies
and nursed losses on the safe-haven yen amid a slew of dire
headlines on the coronavirus outlook.
The World Health Organization (WHO) overnight described the
outbreak as a pandemic. Italy, where deaths rose by nearly a
third overnight, has shuttered all shops except supermarkets,
food stores and pharmacies. Australia announced it would pump A$11 billion ($7 billion)
in fiscal stimulus into its economy by June. On Wall Street, the longest-ever bull market for U.S. stocks
ended overnight with the Dow Jones index sliding into bear
market territory. .N
The yen JPY= was a touch firmer at 104.47 per dollar. The
Australian and New Zealand dollars each fell about 0.2%. The
Aussie AUD=D3 last bought $0.6471 and the kiwi NZD=D3
$0.6257.
($1 = 1.5454 Australian dollars)