We’re working on bringing the ability to change weather locations to the beta experience. Thanks for the feedback!russelldc commented
I was unable to change my location in Outlook.com mail settings to get the correct weather. Contacted support and they were no help. What I finally had to do was turn off "Beta" then I was able to reset my location and delete the unwanted location. Turned Beta back on and the location is now correct and I get the weather in the calendar for my correct location. Need the same functionality in the "Beta" or the new Outlook.com web page.