Brexit could be reversed if lawmakers reject the government’s exit deal, British foreign minister Jeremy Hunt said on Sunday after two major eurosceptic factions in parliament warned that Prime Minister Theresa May was facing a heavy defeat. If she fails, lawmakers are expected to force May to seek a delay to Brexit which some say could see the 2016 decision to leave the bloc reversed. Others argue that, without a delay, Britain faces an economic shock if it leaves without a deal.
The ultimate outcome remains unclear, though most diplomats and investors say Brexit will define the United Kingdom’s prosperity for generations to come. The government has previously tried to use the risk of Brexit being reversed as a way to convince eurosceptics to back May’s deal despite their deep reservations about it.
U.S. job growth almost stalled in February with the economy creating only 20,000 jobs amid a contraction in payrolls in construction and several other sectors.
While Friday’s report from the Labor Department did have a few bright spots, such as dip in the unemployment rate and an upward revision to December and January data, it did indicate the U.S. economy is slowing, supporting the Fed’s “patient” approach toward interest rate hikes this year.
12.30 - USD: Core retail sales MoM; forecast at 0.4% against previous of -1.8%
12.30 - USD: Retail sales MoM; forecast at 0.0% against previous of -1.2%