The U.S. dollar is mostly higher heading into the North American session, but the gains are not across the board. The greenback is advancing against the EUR, GBP, JPY, CHF and CAD, while losing ground against the AUD and NZD. EURUSD and GBPUSD are trading nearer their session lows, keeping the immediate focus on whether sellers can extend those declines.Treasury yields are modestly lower, with the 10-year yield just below 5%. That combination—lower yields alongside a mostly firmer dollar—shows that the morning is not a straightforward interest-rate story. Traders also have a major policy event ahead: the Fed’s two-day meeting begins today and concludes Wednesday. The Fed is not expected to act with 1-week until the mid-term elections. There is no dot-plot. Fed Chair Warsh is still expected to have a press conference but the last one lasted 30 minutes (vs 1 hour for most Powell press conferences). Don't expect much. Meeting calendars and informationBefore that decision, today’s U.S. calendar brings durable goods orders, housing data and consumer confidence. With most currency pairs still trading inside their normal daily ranges, those releases could help determine whether the overnight moves extend or reverse.Middle East risks remain part of the oil backdropOvernight middle east news showed that fears of imminent U.S. strikes on Iran have eased, with oil consolidating near recent highs. That provides some relief, but an easing of immediate strike concerns should not be confused with a resolution of the broader geopolitical risk. Read the oil update here. investinglive.comCrude oil futures contract is at $101.01, down $0.75. Oil is lower on the morning, but prices around $100 remain an important consideration for the inflation and growth outlook. Remember it was about $68 at the start of the Iran/US war back on February 28. The dollar: Mostly higher, with the antipodeans resistingThe dollar’s largest gain is against the euro, with EURUSD down 0.27%. Its largest decline is against the New Zealand dollar, with NZDUSD up 0.28%.From the dollar’s perspective:Against EUR: +0.27%, with EURUSD at 1.1142.Against CHF: +0.22%, with USDCHF at 0.8289.Against GBP: +0.16%, with GBPUSD at 1.3317.Against JPY: +0.15%, with USDJPY at 157.74.Against CAD: +0.08%, with USDCAD at 1.4022.Against AUD: −0.17%, with AUDUSD at 0.7028.Against NZD: −0.28%, with NZDUSD at 0.5696.The AUD and NZD gains are the exceptions to the broader dollar strength. That makes the pair-by-pair price action important. A stronger dollar against the euro does not automatically mean the same opportunity exists against every other currency.Currency ranges: Room remains for an extensionUsing the session highs and lows the actual range for the day vs the ATR for the last 22 trading days (about a month of trading) shows: EURUSD: 1.1136–1.1179 — 43 pips, versus a 62-pip average range; 69% completed.GBPUSD: 1.3308–1.3349 — 41 pips, versus a 72-pip average range; 57% completed.USDJPY: 157.43–157.88 — 45 pips, versus an 88-pip average range; 51% completed.USDCHF: 0.8269–0.8291 — 22 pips, versus a 52-pip average range; 42% completed.USDCAD: 1.4010–1.4027 — 17 pips, versus a 62-pip average range; 27% completed.AUDUSD: 0.7010–0.7036 — 26 pips, versus a 45-pip average range; 58% completed.NZDUSD: 0.5681–0.5704 — 23 pips, versus a 41-pip average range; 56% completed.USDCAD has the most remaining room relative to its normal range, followed by USDCHF. EURUSD has completed the largest share, but even that pair remains below its average daily movement.The education point is that room to move does not tell us the direction. A narrow range can extend higher or lower, and an average range is neither a ceiling nor a requirement. The technical break, and the ability to hold that break, provide the more useful trading information.Treasury yields edge lower2-year: 4.6954%, down 1.56 basis points.5-year: 4.8100%, down 1.40 basis points.10-year: 4.9740%, down 1.20 basis points.30-year: 5.2932%, down 0.78 basis points.The declines are modest. The 10-year yield remains close to the psychologically important 5% level, leaving traders sensitive to data that could shift expectations for inflation, growth and Fed policy.U.S. stock futures point to a higher openU.S. stock futures are higher as traders work through this morning’s earnings reports and prepare for durable goods and consumer confidence data ahead of Wednesday’s Fed decision.Dow industrial average futures: Up 138 points.S&P 500 futures: Up 21 points.Nasdaq 100 futures: Up 108 points.The gains suggest a positive opening tone, but today’s data and the earnings outlooks could still shift sentiment. Coca-Cola and UPS beat expectations on both earnings and revenue, while Boeing and PayPal delivered mixed results.Earnings: Coca-Cola and UPS beat on both measures; Boeing and PayPal are mixedThis morning’s earnings reports show Coca-Cola and UPS beating expectations on both earnings and revenue. Boeing reported a larger-than-expected adjusted loss despite stronger revenue, while PayPal beat on adjusted earnings but missed on revenue.Boeing: Adjusted EPS −$0.34 vs. −$0.25 expected (MISS); revenue $24.2 billion vs. $23.9 billion expected (BEAT). Shares are up 0.63%PayPal: Adjusted EPS $1.45 vs. $1.31 expected (BEAT); revenue $8.58 billion vs. $8.71 billion expected (MISS). Raised its full-year 2026 profit outlook. Shares are down -1.18%Coca-Cola: Adjusted EPS $0.91 vs. $0.88 expected (BEAT); revenue $13.4 billion vs. $12.92 billion expected (BEAT). Shares are trading up 0.81%UPS: EPS $1.69 vs. $1.62 expected (BEAT); revenue $22.9 billion vs. $22.27 billion expected (BEAT). Raised its full-year 2026 outlook, with revenue guidance of $92.6 billion vs. $91.78 billion expected and EPS guidance of $7.28 vs. $7.19 expected. Shares are up 1.18%.UPS adds a stronger outlook to its quarterly beats. PayPal’s report is more mixed: stronger earnings and a higher profit outlook come alongside revenue below expectations. Boeing’s revenue beat provides some encouragement, but the larger adjusted loss leaves profitability as the key concern.Big earnings still to come this weekThe earnings calendar remains busy, with Microsoft and Alphabet reporting Wednesday after the close, followed by Amazon Thursday after the close. Those releases put cloud growth, AI spending and profitability firmly in focus alongside Wednesday’s Fed decision. www.investors.comThe major remaining releases include:Tuesday, October 27, after the close: Visa, Robinhood, Seagate Technology and Teradyne.Wednesday, October 28, before the open: GE Vernova, Vertiv, Amphenol and TE Connectivity.Wednesday, October 28, after the close: Microsoft, Alphabet and Ford.Thursday, October 29, before the open: Caterpillar, Eli Lilly, Mastercard, Merck and Shell.Thursday, October 29, after the close: Amazon, Intel, Starbucks and Gilead Sciences.Friday, October 30, before the open: ExxonMobil, Chevron, AbbVie and Colgate-Palmolive. www.kiplinger.comFor the technology leaders, I will be watching whether revenue growth and forward guidance support the money being committed to AI infrastructure. Microsoft’s Azure, Alphabet’s Google Cloud and Amazon’s AWS will be key areas to assess, along with capital spending, margins and cash flow. GE Vernova and Vertiv will also be worth watching for commentary on power and data-center infrastructure demand. (SEE a technical review of the Mag7 names HERE)Outside technology, Visa and Mastercard offer a window into consumer spending, Caterpillar into industrial demand, and ExxonMobil and Chevron into the energy backdrop.For traders, the headline BEAT, MET or MISS is only the starting point. The outlook and the stock’s reaction matter just as much. A company can beat expectations and still see its shares fall if guidance disappoints or investors expected more.European stocks are mixedThe snapshot shows modest gains across the major continental markets, while the UK is lower:Germany’s DAX: 25,475.43, up 64.58 points or 0.25%.France’s CAC 40: 7,879.57, up 34.24 points or 0.44%.UK FTSE 100: 10,685.64, down 81.68 points or 0.76%.Italy’s benchmark: 19,089.20, up 55.90 points or 0.29%.Spain’s IBEX 35: 19,102.01, up 68.72 points or 0.36%.Metals and BitcoinSpot gold: $4,009.95, down $7.25 or 0.18%.Gold futures: $4,009.74, down $6.09 or 0.15%.Silver: $53.308, down $0.626 or 1.16%.Copper: $6.6250, up $0.0830 or 1.27%.Bitcoin: $79,750, down $256 or 0.32%.Gold is holding just above $4,000, while Bitcoin is below $80,000. Those round numbers provide reference points, but traders still need to see whether price can hold a break and build momentum away from them.The North American calendarAll times are Eastern. Forecasts and prior readings below.8:30 AM — Durable goods orders, September — Forecast: +1.7%; Previous: −0.1%.8:30 AM — Durable goods excluding transportation, September — Forecast: +0.6%; Previous: +0.2%.8:30 AM — Nondefense capital goods excluding aircraft, September — Forecast: +0.7%; Previous: +1.6%.9:00 AM — Monthly home prices, August — Previous: +0.3% month over month; +2.6% year over year.9:00 AM — Case-Shiller 20-city prices, seasonally adjusted — Forecast: +0.3% month over month; Previous: +0.3%.9:00 AM — Case-Shiller 20-city prices, not seasonally adjusted — Forecast: +2.6% year over year; Previous: +2.5%.10:00 AM — Consumer confidence, October — Forecast: 81.0; Previous: 81.9.10:00 AM — New home sales, September — Forecast: 650,000 annualized; Previous: 684,000.10:00 AM — Richmond Fed manufacturing index, October — Previous: −2.10:00 AM — Richmond Fed services index, October — Previous: 0.Durable goods will give traders an early read on demand for manufactured products. The nondefense capital goods measure excluding aircraft is particularly useful for assessing business investment intentions.At 10:00 AM, consumer confidence will shift the focus to households. The combination matters: are businesses continuing to invest, and are consumers becoming more cautious? A meaningful surprise could move yields and the dollar ahead of Wednesday’s Fed decision.EURUSD, USDJPY and GBPUSD: The morning decision pointsIn the morning video above, I take a look at the three major currency pairs—EURUSD, USDJPY and GBPUSD—from a technical perspective. For each pair, I outline the bias, the risk-defining levels and the targets that would give either the buyers or sellers more control.EURUSDEURUSD is trading at 1.1142, just six pips above the session low at 1.1136. The immediate pressure is to the downside, with sellers positioned near the lower end of the morning range.The first question is whether sellers can break 1.1136 and keep the price below it. A break that quickly reverses would be a failed break and would weaken the downside momentum argument. The session high at 1.1179 marks the other boundary of the supplied range.USDJPYUSDJPY is trading at 157.74, closer to the session high at 157.88 than the low at 157.43. Buyers have the stronger position within the morning range.A move above 157.88, followed by an ability to stay above, would give those buyers more control. A failed break would suggest resistance remains effective. On the downside, 157.43 is the session boundary sellers would need to break to turn the morning range lower.GBPUSDGBPUSD is trading at 1.3317, nine pips above its 1.3308 session low. Like EURUSD, the pair is under pressure near the bottom of its range.Sellers need a sustained move below 1.3308 to extend that pressure. If the low holds and the price rotates higher, buyers would begin to challenge the immediate downside momentum. The session high at 1.3349 remains the upper boundary.For all three pairs, the same discipline applies: getting through a level is the first step; staying through it is what gives the break credibility. This article was written by Greg Michalowski at investinglive.com.