In theory, you could buy a couple of DEC65 puts for about $6.00 [~$1200 total for two contracts] and get about the same total dollar profit and loss action on price shifts as shorting 100 shares.

I say, "In theory," because there are only 34 of those puts open right now. With a 5.56x6.30 spread, and a delta of just over .5, the first $1.20 or so of movement in the FXP price would just go to cover the spread.

I'm beginning to this that options and pennies share some characteristics favoring the market makers. Usually, however, I think there is better information available on the underlying stock for an option than there is for most pennies.