The dollar has been surging recently against the euro and the yen, and according to Raoul Pal of The Global Macro Investor newsletter, that strength is likely to not only continue, but accelerate.
Pal told CNBC he thinks the dollar index could climb another 25 percent this year alone.
"If we look back historically at how these big dollar bull markets go, I think it's going to go, using the (dollar index), at least to 125, maybe even further," he said Tuesday in an interview with CNBC's "Fast Money."
Pal said the rising dollar, which historically leads to falling oil prices, could push the United States into a recession by the end of 2015.
"I'm expecting much more deflation than people are imagining right now ... everybody's going to feel this huge bout of deflation, and that goes through the product cycle," he said. "There's a probability that the U.S. goes into recession this year alone."