Shane Oliver, head of investment strategy and chief economist at AMP Capital said U.S. fiscal issues are likely to be less of an issue for investors next year, which will be positive for the market.
"The short-term fiscal easing next year, the fact that Congress after years of dysfunctional behavior has reached a compromise on their own without a crisis – all of those things are positive," Oliver told CNBC.
Congressional negotiators late Tuesday reached a budget deal that will set spending levels for the next two years, and eliminate the threat of another government shutdown on January 15 2014, when funding is scheduled to run out.
(Read more: Lawmakers announce compromise budget deal)
The agreement would reduce the federal deficit by $23 billion and replace some of the automatic spending cuts known as the "sequester" with other budget changes – such as hiking airline travel fees – and reforms to mandatory spending programs.
A vote in the Republican-controlled House is expected to take place by Friday, when that chamber plans to recess for the year. If it passes the House, the Democratic-controlled Senate is likely to vote on it shortly thereafter.
"Everyone was expecting to go through the typical, last-minute panic deal, and this is the big twist. If you don't need to have a debt ceiling debate - no more lurching from crisis to crisis - we don't end up with an extra risk factor in the first quarter of next year," said David Mann, regional head of research, Asia at Standard Chartered, adding that he sees risk-on trade into the new year.