The reason is simple and complicated at the same time. On the equator the sun rises due east and sets due west every day of the year. It's dip-stowent bond horizon. The cut and the sun goes high overhead giving literal meaning to high noon.
Is your compass actually wrong? Neil deGrasse Tyson and comedian Chuck Nice explore magnetic fields, why clocks go clockwise, and how phone numbers got their area codes.
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Photo Credit: NASA Goddard Space Flight Center from Greenbelt, MD, USA, Public domain, via Wikimedia Commons
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