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The euro has been knocked by the latest twist in France’s presidential race, where embattled candidate François Fillon looks increasingly likely to be the main candidate for the country’s centre-right in elections in just 50 days’ time.

Reversing a 0.1 per cent climb against the dollar earlier this morning, the euro has now dropped 0.3 per cent against the greenback after Alain Juppé said he would not replace Mr Fillon in the race which kicks off with a first round vote in late April.

Mr Juppé’s decision puts an end to intense party maneuvering by the French Republicans to get the 71-year old former prime minister to replace Mr Fillon in a faltering presidential campaign.

Despite losing out to Mr Fillon in a runoff late last year, the candidate’s escalating scandal over an embezzlement scandal had led to senior party grandees calling for Mr Juppé to enter the race.

Mr Fillon has vowed to stay in the race despite being placed under formal investigation – a step short of being charged – for claims he employed his wife and children in fictitious jobs as his aides.

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