US Dollar absorbs depreciation of other currencies

At the margin newly arisen risks from China and the implied USD appreciation may dissuade those members of the FOMC who lack confidence in US economic momentum from voting for a hike in September. But currencies cannot escape relative value; hence, the US as a largely closed economy with the greatest internal growth momentum is relatively less affected, implying the USD bears the burden of others' adjustment. 

"Furthermore, if Fed policymakers are dissuaded from policy firming due to risks from China, it is even more likely that other major central banks' policies will push back tightening or move toward outright easing. It is worth stating that our forecasts implicitly force the USD to absorb nearly all of the depreciation of other currencies. This is not to say that the US is unaffected by Chinese growth or the weakening of the CNY", states Barclays in a ressearch note.