Some macro hedge funds are using the current sell-off in the Mexican peso as a chance to purchase into the currency.

Macro funds bet on stocks, currencies and bonds. These were made famous by the likes of George Soros. These funds piled into the Mexican peso in the recent months as markets were dominated by central bank and political actions.

According to the HFRX index, the trade was one of the successes in a year. This was seen through macro funds going down by 1.09%.

From more than 14 last June, it returned below 12 to the US dollar that translates to an 18% return.

The fall is a part of a wider sell-off in emerging markets that were hit by fears of a slowing monetary policy by the US Federal Reserve.

The Mexican Peso has benefited from exposure to US economic group and a decrease in local drug related crimes.

Some hedge funds see the sell-off as a buying opportunity while other funds cut both long and short exposure.