All eyes on the ECBs 2nd 12-month refinancing operation, with the allotted amount seen in the 90-120 bln range, which is far less than the record 442 bln lent at the central banks operation in June. Flushed with unlimited liquidity at 1.0%, banks are expected to have less of a need for funds at todays operation. An amount on the lower end of the range would imply less demand for funds at future operations, which could be EUR-positive, while a higher than expected amount indicates robust appetite for loans and the need for more of such operations, thereby possibly dragging EUR lower. The results of the option are due at about 9:15 GMT (10:15 GMT). Also watch EURCHF drifting around the SNB intervention territory of 1.51 and a possible lift-off back towards 1.5140s. Cable seen capped at 1.6120.