(Read more: What happens in EM (mostly) stays there: Goldman)
"The (U.S.) economy's reliance on private final demand will be important to the extent that US exports, which have recently been strong, eventually slow in response to a strengthening dollar and weaker growth in the emerging markets," analysts at Deutsche Bank warned Thursday.
One of the key data points to watch out for will be import figures. Turkey and South Africa have both seen their currencies plunge in value against the dollar this week, despite aggressive action from their central banks, a sign that market confidence in their economies is falling.
(Read more: Are emerging markets on the brink of another crisis?)
A weaker currency in Turkey and South Africa will mean that businesses there will find it harder to afford goods and services from other countries. And in turn this will hit the order books of the world's biggest economy -- the U.S..
"The fact that currencies weakened despite policymakers responding to the sell-off opens up the potential for a new and more dangerous phase of the crisis," Neil Shearing, chief emerging markets economist at Capital Economics, told CNBC.
The U.S. Federal Reserve Open Markets Committee's decision to continue scaling down its asset purchase program, despite the effect such action has had on emerging markets in the past, suggests that it is not concerned about the potential contagion for the U.S..
(Read more: Did the Fed leave emerging markets out in the cold?)