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<p>The US dollar has reversed course.</p><p>I'm sure the initial move was on the release of an <a href="https://www.wsj.com/articles/fed-set-to-raise-rates-by-0-75-point-and-debate-size-of-future-hikes-11666356757" target="_blank" rel="nofollow">article </a>from WSJ Fedwatcher Nick Timiraos that highlighted a 50 bps hike in December but this move is too big for that alone. I mean, it's certainly a crowded trade but EUR/USD is now up 80 pips from the lows and USD/CAD is down a full cent.</p><p>What's going on here?</p><p>Could Japanese officials be intervening at the same time? With USD/JPY up 13 straight days and at session highs, it would have been a good time to do it. The arrow shows when the article landed.</p><p>The thing is, the move in USD/JPY is arguably the smallest of the major dollar moves. It's down around 50 pips with bigger moves elsewhere. Now that might represent the push-and-pull with equities and the broader risk trade so I can't rule out JPY intervention but you would have think they would come a bit harder.</p><p>In all, these are certainly some strange moves, because <a href="https://www.forexlive.com/news/timiraos-fed-barreling-toward-a-75-bps-hike-in-november-20221021/" target="_blank">I don't think the Timiraos article</a> signaled all that much.</p>

                This article was written by Adam Button at forexlive.com.