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Cashin: 2015 hike is still out of the question

Art Cashin, veteran trader and director of floor operations at the NYSE for UBS, is sticking by his call that the Fed will not raise rates in 2015, after China's currency move Tuesday.

"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.

Read More Currency war? How China devaluation may impact Fed

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.