Forex Forex and value investing

Hi guys,

I guess you all heard about value investing in the stockmarket by discounting back the cashflows a stock is producing. I was wondering if you could apply the DCF method as well to currency pairs.
Questions that come to my mind:

1. is a value investing approach at all useful for currency pairs?
2. how would one construct a financial statement. Is it the financial statements of the central banks? what about P&L and cash-flow statement?
3. which interest rate do you use for your cashflows? just the minimum rate or the rate that companies get from banks including all the margins
4. what discount factor would you use? 30-year treasury bond?
5. what growth factor do you apply for the continuing value?
6. how would you then construct the value of a currency pair? taking the sum of the discounted cash-flows of EUR and put it into relation with the sum of discounted cash-flows of USD?

I would love to have a good discussion about that - but please, let's keep the topic around value investing. No price action, trend searching and other mumbo jumbo.

Source.