``The euro is in an adjustment phase and is likely to head lower,''
said Takuma Kurosawa, global markets treasurer in Tokyo at HSBC Bank, a
unit of Europe's biggest lender. ``The euro won't rise even if the ECB
raises rates again. The euro-zone economy is weakening and the central
bank will have to acknowledge that.''
Europe's single currency may fall to $1.54 this week, Kurosawa said.