The rand struggled for a clear direction on Tuesday, as markets digested poor manufacturing data that could indicate that looser monetary policy is on the way from global central banks.

Weak purchasing managers' indices (PMIs) for the US, EU and the UK released this week fuelled expectations that central banks may soon cut interest rates to bolster economic growth. The Reserve Bank of Australia on Tuesday cut its rate by 25 basis points to 1%. In June, the US Fed hinted at the possibility of loosening monetary policy, citing the US-China trade war and slow economic growth.

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