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Power Play: Shift in direction of U.S. dollar

Bureau of Engraving and Printing  currency money
Ricky Carioti | The Washington Post | Getty Images

One of the concerns of 2014 and 2015 is the rise of the U.S. dollar and the impact on corporate earnings.

But veteran market strategist Hugh Johnson, chairman of Hugh Johnson Advisors, tells CNBC's "Power Lunch" on Wednesday he would not be surprised to see a change of direction in the dollar this year. "I say this out of intuition more than rational analysis. The reason would be that the U.S. economy is weaker than expected and the European economy is stronger than expected," Johnson explains.

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Johnson believes the best way to play this shift in momentum is investing in Europe. "Buy the equities of Germany, France and the United Kingdom. The challenge this year and next is to find ways to enhance returns in a low return environment. This may be one such way," Johnson said.

The dollar index traded flat on Wednesday.