Hi Candy, I would imagine it is vaginal fluid.. During pregnancy, it's quite common to experience increased vaginal discharge. Most causes are fairly benign and normal. What you are noticing is probably simply leukorrhea -- a mild-smelling milky fluid or discharge, caused by an increased blood flow to the area around the vagina. During pregnancy the cervix (neck of the womb) and vaginal walls get softer and discharge increases to help prevent any infections travelling up from the vagina to the womb. It's probably not that different from the discharge that you experienced before you were pregnant -- there's just a lot more of it.
So increased discharge is a normal part of pregnancy, but it's important to keep an eye on it and tell your doctor or midwife if you think it smells or looks unusual, or you have pain, itching or soreness in the vaginal area. With those symptoms you may have an infection such as thrush, which can be easily treated.
All the best with your pregnancy. x
Sounds like vaginal discharge to me, if it's white it sounds perfectly healthy, and the amount of discharge is likely to increase as your pregnancy progresses. If it turns a different colour, or smells foul, then go to your doctor, otherwise relax. Hope this helps.