Will Deficits Dictate Currency Markets?

Speculation spreads that countries with huge deficits like the UK, US and Japan, will see their currencies suffer relative to countries with healthier budgets (i.e. non G4 versus G4 currencies such as EUR/AUS). G4 = Eurozone, UK, US and Japan, which all have interest rates near zero. But what about intra-G4 exchange rates?