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The dollar edged lower but held close to its recent highs on Thursday as investors struggled to make sense of U.S. President Donald Trump's mixed signals on a trade deal with China.

Foreign exchange markets were quiet at the European open, with currency pairs little moved but the dollar's resilience this week was a sign of investor nervousness about the global outlook.

"We need new direction," said Neil Mellor, a markets analyst at BNY Mellon, citing a pushback from central banks to markets expecting more monetary stimulus and confusion over whether the United States can strike a deal with China for the current range-bound moves in FX markets.

He said that he favoured the dollar as a safe haven currency in the short-term because of a difficult outlook for the global economy and trade negotiations, especially as central banks signal they "are not prepared to keep on shovelling out liquidity into the market".

"There is a greater downside risk to risk assets," he said.

The dollar index, which measures the greenback against a basket of currencies, was last down 0.1% at 98.985 .DXY but was only a whisker away from a two-week high and the two-year peak of 99.37 hit earlier this month.

Trump stoked hopes for a trade deal by telling reporters in New York that the United States and China were having "good conversations" and that an agreement "could happen sooner than you think". the Trump pump, and it works," said Matt Simpson, senior market analyst at Gain Capital in Singapore.

"But there's not really any major moves either, it's a slight boost to risk," he said, noting traders were also trying to assess the likely direction of a Trump impeachment probe opened by the Democrats on Wednesday.

That initially helped the Australian dollar claw higher, while the New Zealand dollar NZD=D3 kicked ahead further after New Zealand's central bank governor said it was unlikely he would need to use unconventional monetary policy. by 0730 GMT, the Aussie was up only slightly on the day at $0.6753 AUD=D3 , while the yuan was up 0.1% at 7.1241 per dollar in the offshore market CNH=EBS .

The New Zealand dollar was last up 0.4% at $0.6297.

The euro rose 0.1% to $1.0947 EUR=EBS .

The Japanese yen, perceived as a safe haven currency, rose 0.1% to 107.68 yen per dollar JPY=EBS .

Sterling steadied at $1.2354 GBP=D3 after plunging more than 1% on Wednesday as traders fretted about the deepening confrontation in the British parliament over Brexit.

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HDFC Bank beat the crowds to top the list of 75 most valued brands in India, keeping its position intact from the previous year. At second and third spots, too, the old order held its grip. Public sector insurer Life Insurance Corporation of India (LIC) and IT major Tata Consultancy Services (TCS) retained their second and third ranks in the list of most valued Indian brands.

The big change, however, has been in the overall growth of brand values in the BrandZ 2019 Most Valuable Indian Brands, a report by WPP and Kantar Millward Brown. The total value of the top 75 brands increased to $228.2 billion, growing at a moderate 6 per cent over 2018, far slower than 34 per cent recorded the previous year. The report calculates valuations and ranking by combining companies’ financial data with consumer insight and opinion.

While brands grappled with many challenges this year, a few managed to push valuations up significantly. With a 34 per cent jump in brand valuations, Jio led the band of top risers, a diverse set of brands on the list. Preeti Reddy, CEO South Asia, Insights Division, Kantar, said, “They (Reliance Jio) have built an entire ecosystem around Jio which is feeding into each other and they continue to be disruptive.” Among the other brands that increased their valuations at a significant clip are Infosys, TCS, Maggi, Ola, and others.

HDFC Bank saw its brand value increases five per cent, growing slow but at a steady clip, to keep the top spot. “HDFC has utilised the digital ecosystem well and secondly they were very prudent about their business decisions. 

Banking brands make up the largest share of the BrandZ Top 75, with 23 per cent of the total brand value tied up in that sector. However, in comparison to other countries, where one category dominates the brand ranking (such as France with luxury goods,

US with technology, or Indonesia with banking), India’s top brands are much more evenly dispersed.

Consumer tech, retail are the fastest-growing categories with brand values increasing 30 per cent. Among the high performers in this category, Flipkart saw a sharp 14 per cent spike in its valuations while newcomers to the list, Oyo, Swiggy and Zomato also took a big leap forward. Vodafone was the top ranked newcomer to the list of most valued brands that saw eight new entries in 2019. This is much lower than the 30 newcomers that debuted the list in 2018.

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