Power Play: Beware of strong dollar

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The U.S. dollar has surged 25 percent over the past year, raising concerns about the impact this will have on the economy.

While some argue increased consumer demand will offset export weakness, one market strategist tells CNBC's "Power Lunch" on Monday he's not so sure about this theory.

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"This time is different. With credit growth relatively subdued and with wage growth climbing at a still anemic two percent, the offset to weaker exports will be less than in the past," said Krishna Memani, chief investment officer at Oppenheimer Funds.

He believes the current strong dollar cycle will be the longest on record and must be accounted for even if the dollar rally moderates.

"A rising greenback thus represents an underappreciated risk to U.S. economic growth," Memani said.

The dollar index was flat on Monday after rising about 10 percent year-to-date.