What fluid is leaking?

There is an unidentified fluid leakage in the engine bay of my Volvo V50. Towing the caravan home on a hot day I thought there was a smell from under the bonnet. Looking into the engine bay from the front, there is a curved black steel pipe on the LH side near the alternator which drops downwards and connects to a flexi-pipe which disappears under the radiator.
On the pipe was a fine, transparent, oily and viscous fluid, which I thought might be ATF, but I could not see where it had escaped from.
I wiped it off and it was transparent and colourless like water. I left the engine to idle for ten minutes and then switched off for another 10 minutes.
I then drove home at 50 mph for the rest of the journey – I usually tow at 55 to 60 depending on the gradient, so never go mad. It seemed to be OK when I got home, and has not reappeared.

Asked on 5 August 2015 by G Evans

Answered by Honest John
This might be the pipe to or from the transmission fluid heat exchanger, which is usually situated either against the radiator or in the radiator. If a leak occurs and they "exchange fluids" then the coolant will wreck your automatic transmission. Definitely needs specialist attention 'just in case'.
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