EUR/USD slides further below 1.1800 mark, over one-week tops on stellar NFP

• EUR/USD lost some additional ground following the release of a stronger NFP report.
• The US economy added 943K jobs in July and the unemployment rate fell to 5.4%.
• Rallying US bond yields further underpinned the USD and contributed to the decline.

The EUR/USD pair added to its intraday losses and dropped to fresh one-and-half-week lows, further below the 1.1800 mark during the early North American session.

The intraday US dollar buying interest picked up pace in reaction to the blockbuster US jobs report, which, in turn, was seen as a key factor that exerted pressure on the EUR/USD pair. The headline NFP print showed that the US economy added 943K new jobs in July as against consensus estimates for a reading of 870K.

This was accompanied by a sharp revision to the previous month's reading to 938K from 850K reported earlier. Further details revealed that the unemployment rate dropped from 5.9% in June to 5.4% during the reported month, reaffirming market speculations that the Fed will tighten its monetary policy earlier than anticipated.

This was reinforced by an extension of a strong rally in the US Treasury bond yields. In fact, the yield on the benchmark 10-year US government bond stood tall above the 1.25% threshold. This was seen as another factor that underpinned the greenback and dragged the EUR/USD pair lower to the lowest level since July 28.

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