Paris attacks unlikely to cause correction: Wilbur Ross

The terrorist attacks in Paris are unlikely to cause a market correction, said billionaire Wilbur Ross, a major investor in European assets.

"I don' t think this will provoke anything like a 10 percent market crack," the chairman of distressed asset investment firm WL Ross & Co. told CNBC's "Squawk Box" on Monday.

Read MoreSee CNBC's complete coverage of the Paris attacks

The market response to the deadly Paris attacks was fairly tepid Monday, with major stock market indexes mixed.

The so-called Islamic State claimed responsibility for the series of attacks carried out by bombers and gunmen in Paris.

Ross said the market was somewhat prepared for the event following the downing of a Russian airliner over Egypt's Sinai Peninsula and a recent bombing in Lebanon, both of which ISIS said it was behind.

"After a while there is less incremental effect on investor confidence," he said.

Barring further attacks, Ross said he would not change his investment strategy in Europe, and would continue to take a country-by-country view.

The Paris attacks hold more near-term implications for politics than they do for economics, he said. They could embolden Eurosceptics in England, he noted. Further, he said German Chancellor Angela Merkel may face increased criticism at home over her acceptance of Syrian migrants, making it difficult to maintain her leadership position in the European Union.

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Kathy Lien, managing director of foreign exchange strategy for BK Asset Management, also noted that the euro had not fallen as much as one would expect following a tragedy on the scale of the Paris attacks.

The euro was trading about 0.35 percent lower against the U.S. dollar on Monday morning.

I think that the markets and people prove that terrorism doesn't provide too much of a scare or a long-lasting impact on the human psyche, as well as the markets. Overall, I think everyone proves to be much more resilient," she told "Squawk Box."

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As to whether economic slowdown in Europe due to lost tourism revenues and other factors could cause the Federal Reserve to delay an interest rate hike, Lien said the Fed is likely still waiting to see how markets react and whether the ECB will launch a "powerful" round of quantitative easing.

Ross, however, said the Fed has been looking for something to hide behind to avoid raising rates, and slowdown in Europe could provide that excuse.