The lightest Xenon isotopes are studied in the framework of the Interacting Shell Model (ISM). The valence space comprises all the orbits lying between the magic closures N=Z=50 and N=Z=82. The calculations produce collective deformed structures of triaxial nature that encompass nicely the known experimental data. Predictions are made for the (still unknown) N=Z nucleus 108-Xe. The results are interpreted in terms of the competition between the quadrupole correlations enhanced by the pseudo-SU(3) structure of the positive parity orbits and the pairing correlations brought in by the 0h11/2 orbit. We have studied as well the effect of the excitations from the 100-Sn core on our predictions. We show that the backbending in this region is due to the alignment of two particles in the 0h11/2 orbit. In the N=Z case, one neutron and one proton align to J=11 and T=0. In 110-Xe and 112-Xe the alignment begins in the J=10 T=1 channel and it is dominantly of neutron neutron type. Approaching the band termination the alignment of a neutron and a proton to J=11 and T=0 takes over. In a more academic mood, we have explored the role of the isovector and isoscalar pairing correlations on the structure on the yrast bands of 108-Xe and 110-Xe and examined the role of the isovector and isoscalar pairing condensates in these N~Z nuclei.