GBP/USD snapped a three-day losing streak that dragged the pair down toward the 1.2600 handle last week, recovering a little over one-half of one percent on Monday and pushing back into touch range of 1.2700.

Today, as the S&P 500 gained 0.43%, the VIX rose. But the SKEW index is in “nosebleed” territory, pegged at 169 as of Friday. This suggests the crash risk is extreme right now.

As the cost of importing Chinese goods has increased, the incentive to produce goods domestically has also increased.