Ireland's chances of joining the single currency in the first wave have jumped significantly over the past week.

According to the JP Morgan calculator, Ireland's chances of joining France and Germany in the single currency have risen to 73 per cent from 63 per cent a week ago.

Four weeks ago Ireland was rated with only a 54 per cent chance of joining. Ireland and Italy are now seen as having the same chance of being in the first wave while Spain and Portugal are only moderately higher.

The JP Morgan index is based on the interest rate swaps market where floating rate notes are exchanged for fixed rate ones and vice versa.