How many of the people in this thread who think it’s a good idea to speculatively convert pesos to USD have bought out of the money MEX call/USD put options? If this is such a great idea, have you taken advantage of it?
related question:
how many of those who bet on peso appreciation are short on the same puts ? 
I’m toying with the idea of placing a tiny call on Citibank or such as a counter-hedge against my tiny put hedge on the SP500. That would be more than enough excitement for me. 
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I remember visiting the U.S. Consulate in Bangkok in the spring of 1997, when it was increasingly apparent that the Thai baht was about to collapse. In line in front of me was a distraught retiree whose entire savings were in baht, and he couldn’t convert them to dollars. The American official had only snark to offer: “We’re paid in dollars and happy as shit!”
I told the guy he might want to buy gold but he didn’t want to give the gold shop a commission. :smack:
Spammer reported
I know this was bumped by a spammer, but it’s interesting to look back on this type of thread. It looks like the US dollar has appreciated by around 14.5% against the Mexican peso since the date of the OP, so with hindsight, converting to dollars would have been a good move even after costs. But I agree with the other posters who said it was probably not a good idea at the time, unless the money was to be used for future liabilities denominated in USD.