Noise from the powering steering pump and bad odour

I have a 2004 Honda Accord with the 6 cyl. The power steering pump makes a lot of noise when cold, but the pump still works fine. After inspecting the pump I found no leaks and the fluid level is at full. I did notice that the hose comming from the top of the pump has some oily build up at one of the connection joints. My thouhgt is that there is small leak that allows air into the system. Once the engine warms up and the pressure builds the air is removed and the noise goes away. Should I replace this hose? Can this hose be repaired? Also when I am accelerating there is bad odour from the exhause.