The Federal Reserve sees an opportunity to raise rates in June thanks to the dollar's recent weakness, Tony Crescenzi, Pimco market strategist said Thursday.
The dollar index, which measures the greenback's performance against six major currencies, is down over 4 percent for the year.
"There are five ways to [tighten financial conditions]: Stock prices, bond yields, credit spreads, bank lending and the value of the dollar. Only the value of the dollar had been working for the Fed to keep the economy from moving too fast and pushing up prices on business services over time," Crescenzi told CNBC's "Squawk on the Street."