Update (10:00 am ET): The dollar index falls to its lowest level of the day as the euro and pound advance on reports that German Chancellor Angela Merkel said the European Union had made an “important offer” to the UK on Brexit. Meanwhile, rumors that May might make a last-minute trip to Strasbourg on Monday have yet to be confirmed.

That proposal appears to have been an offer by the EU to allow the UK to leave the backstop unilaterally, which would appear to salve many of the Brexiteers concerns about the backstop being a trap with no way out. However, May reportedly told Juncker that her cabinet had rejected the proposal...

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