"Global trading means the world is all linked together," he said Tuesday on CNBC's "Squawk on the Street." "I think the Fed is going to watch very closely over the next four weeks to see what kind of spill-out we get here."
Cashin was referring to China's action to devalue the yuan in an effort to boost its economy.
He said the Fed faces "an uphill battle" as it tries to digest U.S. economic data as well as news coming from emerging markets like China.
In May, Cashin said he believed the U.S. central bank will wait until 2016 to hike interest rates but will continue to make it unclear for markets in the meantime.