IRELAND'S chances of joining the single currency have in creased dramatically over the past week, according to the latest calculations from JP Morgan.

According to the JP Morgan calculator the market now believes there is a 70 per cent chance of Ireland joining monetary union, up from 56 per cent a week ago.

Mr Barry Rogers, co head of British and Irish capital markets at the bank, said Ireland was benefitting from a renewed wave of EMU optimism.

The more single currency friendly government in Britain after Labour's victory was also helping sentiment he noted.

As a result there has been a fall in yields at the long end of the interest rate swaps market.