(RTTNews) - During European deals on Thursday, the dollar and the yen strengthened against their major counterparts as traders bet on safe haven currencies after the European Central Bank's monthly bulletin showed that the eurozone economic outlook remains subject to particularly high uncertainty and intensified downside risks. "Ongoing tensions in financial markets and unfavorable effects on financing conditions are likely to dampen the pace of economic growth in the euro area in the second half of this year", the bulletin said. However, the ECB Governing Council said it continues to expect euro area economic activity to benefit from continued positive growth in the emerging market economies, the low short-term interest rates and the various measures taken to support the functioning of the financial sector. The central bank urged euro area governments to implement substantial and comprehensive structural reforms decisively and swiftly. The yen rose to 76.69 against the US dollar and if the yen gains further, it will target the 76.3 level. At yesterday's close, the dollar-yen pair was quoted at 77.27. Against the franc, the yen strengthened to 85.46. On the upside, 85.0 is seen as the next target level for the Japanese currency. The franc-yen pair ended yesterday's trading at 86.33.

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