Paradise Village Marina, Puerto Vallarta

I plan on laying my boat up "on-the-hard" in La Paz, Baja California Sur, for

hurricane season. To hedge the peso-denominated expenses I went long the

Mexican peso exchange-traded-fund: FXM.

Deutsche Bank recently published a study of assets that currently have the most
speculative interest. I was surprised to see that the Peso is the most "crowded-trade"
in their study (MXN ... you can click on the image to embiggen):

I don't think this bodes well for the Peso in late-June when US dollar weakness

is expected to reverse with the end of the Federal Reserve's "quantitative easing"

program. To cover or not to cover US dollar shorts??? (and of course what to do

with the lateral play: commodities).