Currency markets in the first half of 2013 have been roiled by central bankers' delusional efforts to prop up their lackluster economies.
That means the best currencies to invest in for 2013 - or, the remainder of the year - will be in Asia and Canada - countries where the governments have refused to engage in debasing their currencies in a "race to the bottom."
Fact is, the strength of any currency is strongly related to decisions made by governments and central banks.
So knowing the best currencies to invest in this year can help protect against our government's spendthrift policies.
This Year's Best & Worst Currencies
Very few currencies have made investors money against the greenback so far in 2013.
That prompted steep losses across emerging market equities and bonds, leading in turn to a fall in regional currencies.
Also, interest rates remain depressed as most governments in developed economies are running their monetary printing presses at full speed.
The Argentine peso was the big winner in the first half with a total return of +9.15% against the dollar, according to CME Group.
Other winners included the Chinese renminbi (yuan), which returned +3.74%, the Icelandic krona +6.13% and the Mexican peso +1.17%.
Not surprisingly, the currency taking the biggest tumble was the Japanese yen, which plunged -12.44% against the dollar.
Other currency laggards include the South African rand, down by -13.16%, the Columbian peso -6.49%, and the British pound -6.19%.
Here's how to invest in currencies for the remainder of the year.
Canadian Dollar: Despite a drop of -5.13% in the first half, the Loonie is a commodity-driven currency benefiting from the continued jobs expansion in the US.
Even though the central bank cut lending rates in a bid to support growth, inflation remains in check and the domestic oil sector remains vibrant.
Further rate reductions are unlikely, which should continue to bolster the currency.
Here's one way to play this "best currency":
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